This Day On The Street
Continue to site
ADVERTISEMENT
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

UMWA Rejected Offer That Could Have Provided Patriot Retirees With Healthcare Comparable To Peabody's Active Corporate Employees

ST. LOUIS, Sept. 23, 2013 /PRNewswire/ -- Peabody Energy (NYSE: BTU) today announced that the United Mine Workers of America (UMWA) had previously rejected an offer in settlement of all claims with the UMWA, payable over 15 years, which could also have been used to provide 3,100 Patriot Coal retirees with lifetime healthcare benefits comparable to those of Peabody's active corporate employees.  

Senior Vice President of Global Investor and Corporate Relations Vic Svec said that the settlement offer could have been used to fund the newly-established Voluntary Employee Beneficiary Association that will provide healthcare benefits to retirees in the wake of Patriot's bankruptcy.   

"UMWA President Cecil Roberts claims to be concerned about his members," said Svec.  "So why did he not accept a settlement amount large enough to provide 3,100 retirees with lifetime healthcare benefits comparable with those of Peabody's active corporate employees?  The UMWA retirees who have been traveling to St. Louis to rally for healthcare benefits have a right to know that a good faith settlement offer was on the table, and that union leadership rejected it."

Since Patriot's launch in 2007, Peabody has been funding Patriot's healthcare obligations for some 3,100 retirees under contractual agreement.  The mid-August offer was to settle all claims with the UMWA and the union would not accept these terms, despite the fact that Peabody's contractual obligation, at any level, has been relieved by new agreements between Patriot Coal and the UMWA.

Peabody Energy is the world's largest private-sector coal company and a global leader in sustainable mining and clean coal solutions.  The company serves metallurgical and thermal coal customers in more than 25 countries on six continents.  For further information, go to PeabodyEnergy.com and CoalCanDoThat.com.

CONTACT: Kirsty McDonald 314.342.7562

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

SOURCE Peabody Energy

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,558.61 -39.59 -0.22%
S&P 500 2,096.71 -1.33 -0.06%
NASDAQ 5,108.3550 -7.0270 -0.14%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs