NEW YORK Bankrupt coal miner Patriot Coal Corp. reported a wider net loss for the first quarter.
Patriot Coals net loss of $115.9 million for the three months ended March 31 increased 53.9 percent from a net loss of $75.3 million loss in the same year-ago period on revenue that fell 31.7 percent to $343.3 million from $502.6 million.
St. Louis-based Patriot Coal filed for Chapter 11 bankruptcy protection last summer (amm.com, July 10).
"In the nine months since the petition date, we have been working on multiple fronts to stabilize our business, address our unsustainable cost structure and preserve jobs and benefits for thousands of our workers," the company said.
"It is critical to the debtors successful emergence from bankruptcy that we address excessive cash requirements of the legacy post-retirement benefit obligations that have accumulated over the years and structure wage and benefit (programs) to create competitive labor and benefit cost structures," it added.
The company filed a motion with the bankruptcy court in mid-March seeking to modify collective bargaining agreements with the United Mine Workers of America (UMWA) and certain union-related retirement benefits. The proposed modifications include the establishment of a Voluntary Employee Beneficiary Association trust to provide health care for UMWA-represented retirees, as well as changes to wages and work rules for employees who are members of UMWA (amm.com, April 2).
A version of this article was first published by AMM sister publication Steel First.