This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Statement Of Peabody Energy (NYSE: BTU) Regarding Patriot Coal Counterclaim

ST. LOUIS, Sept. 13, 2013 /PRNewswire/ -- Peabody today asked the bankruptcy court to confirm the termination of our contractual obligation to fund certain of Patriot Coal's retiree healthcare benefits.

Under Patriot Coal's new labor agreements with the UMWA, its obligation to pay healthcare benefits for its retirees will terminate by January 1, 2014.  Under the terms of Peabody's contract with Patriot, our obligation to fund certain of Patriot's retiree healthcare liabilities will terminate at the same time.  

After Patriot's obligations to provide retiree healthcare benefits end, a Voluntary Employee Beneficiary Association (VEBA) will provide healthcare benefits to Patriot retirees.  

Despite the impending conclusion of Peabody's contractual obligations to fund Patriot's liabilities, Peabody has made several offers to contribute substantial funding to the newly-established VEBA.  Unfortunately, the UMWA has continued to grandstand, and will have to explain to its members why it chooses to posture while denying them significantly greater retiree healthcare benefits.

The UMWA's unreasonable position has left Peabody with no plausible avenue but to protect our legal rights.

(Logo: http://photos.prnewswire.com/prnh/20120724/CG44353LOGO)

CONTACT: Kirsty McDonald 314.342.7562

SOURCE Peabody Energy

Stock quotes in this article: BTU 
Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs