NEW YORK Bankrupt coal
miner Patriot Coal Corp. reported a wider net loss for the
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