W.Va. House Calls On Patriot Coal To Fund Benefits
CHARLESTON, W.Va. (AP) â¿¿ West Virginia's House of Delegates wants Patriot Coal to honors its promises to around 20,000 retired miners and dependents.
The House voted 93-4 for a non-binding measure Monday targeting that company as well as Peabody Coal and Arch Coal.
Patriot is in bankruptcy, and says its retiree health liability has ballooned to $1.6 billion. It has proposed funding around $300 million of those benefits through a trust.
The United Mine Workers union is protesting Patriot's plan. The union alleges Peabody and Arch set up Patriot to fail by spinning off or selling mines to shed pension and health care benefits.Four Republicans voted against Monday's resolution. They include Delegate Troy Andes, an official with coal operator Alpha Natural Resources, and Delegate John McCuskey. His law firm represents Patriot.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV