Peabody argued that on Patriot's watch, "a series of other unforeseen events affecting all coal producers followed," including an unprecedented global financial crisis, development of low-cost shale gas that cut demand for coal, burdensome federal regulation, and a sharp drop-off in the price of Patriot's chief product â¿¿ coal used in the manufacture of steel.Patriot last month sued Peabody, saying it wants to ensure that Peabody doesn't try to use the bankruptcy to avoid Peabody's own health care obligations to some 3,100 retirees whose future benefits would not be included in the package Patriot recently proposed to the union.
Hearing Begins Patriot's Bid To Cut Benefits
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