Patriot Coal Wins Approval to Cut Retiree Pensions, Benefits
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Patriot Coal Corp., the bankrupt mining company, won court approval of a proposal to reduce pensions and benefits to 13,000 unionized workers and retirees.
U.S. Bankruptcy Judge Kathy Surratt-States in St. Louis today approved the company’s request after a week-long hearing earlier this month in which protesters gathered outside the courthouse. The union said in a statement after her ruling that it intends to appeal in a federal court. Patriot said it won’t impose the cuts without first trying to negotiate a resolution.