Bankrupt Patriot Coal Offers Miners' Union 35% Stake

Law360, Wilmington (April 11, 2013, 5:32 PM EDT) -- Patriot Coal Corp. on Wednesday offered its miners' union a 35 percent stake in the company once it emerges from bankruptcy, part of a revised package of benefit cuts and other labor contract changes that Patriot claims is necessary for its survival.

The direct equity stake, expected to be worth hundreds of millions of dollars, could be cashed out by the United Mine Workers of America to fund the voluntary employee benefits association trust that Patriot wants to create to rein in its $1.6 billion of...
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