ST. LOUIS, Aug. 21, 2013 /PRNewswire/ -- Peabody Energy (NYSE:BTU) is pleased with today's ruling by the Eighth Circuit Bankruptcy Appellate Panel. The court said that Peabody was obligated to make payments (that have been consistently paid) until such time as a new labor agreement was approved between Patriot and the UMWA.
The Panel did not rule on how Peabody's level of funding would be determined with this new agreement in place: "We are not concerned with, and express no opinion on, what effect a new labor agreement would have on Peabody Holding's obligation to the assumed retirees."
Now that a new labor agreement has been approved, the provisions of the contract with Patriot will apply and any future funding levels are yet to be determined.
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