Patriot CEO Says Without Union Concessions, Company Will Liquidate
The president and CEO of Patriot Coal says without union concessions from current and retired miners, the company will be forced into liquidation.
Bennett Hatfield made the assertion in a commentary published Thursday in the Charleston Daily Mail. He wrote that the company's liquidation would result in the loss of thousands of jobs and have a devastating impact on workers, their families, retirees and their communities.
Patriot filed for bankruptcy in July 2012. The St. Louis-based company has said its retiree health liability has ballooned to $1.6 billion. It's seeking to modify its collective bargaining agreement and create a trust fund for those costs.
The United Mine Workers of America has fiercely opposed the proposal.