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Economy & Business

Patriot CEO Says Without Union Concessions, Company Will Liquidate

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(Adam Allington/St. Louis Public Radio)
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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.

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