Patriot Coal settles health-care claims

Oct 14, 2013 | 09:17 AM | Stacy Irish

Tags  Patriot Coal, Peabody Energy, Arch Coal, settlements, health-care benefits, retired workers, coal, United Mine Workers of America UMWA

NEW YORK — The United Mine Workers of America (UMWA) has agreed to relinquish the value of nearly all of its 35-percent equity stake in Patriot Coal Corp. once the company is restructured.

Investment adviser Knighthead Capital Management LLC last week agreed to sponsor the St. Louis-based coal producer’s emergence from bankruptcy protection.

Patriot will receive a $250-million infusion through a rights offering backed by New York-based Knighthead, which will go toward health-care benefits for retired employees represented by the UMWA.....

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