Patriot Coal Sues Peabody Over $145M Retiree Obligations
Law360, New York (October 20, 2015, 7:25 PM EDT) -- Patriot Coal and its union filed a lawsuit Monday in Virginia bankruptcy court that accuses its former parent company, Peabody Energy Corp., of attempting to skirt approximately $145 million in retiree payment obligations.
The lawsuit seeks a judgment that Peabody must make two $75 million payments in 2016 and 2017 to satisfy its obligations to retirees under a collective bargaining agreement with the United Mine Workers of America.
The retiree payments played a substantial role in Patriot Coal's previous bankruptcy in 2012. Peabody has long been dogged by accusations that it spun off some of its subsidiaries — which later combined...
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