8/12/2013 6:51 PM
by Courtney Rosemond
CHARLESTON - Patriot Coal Company and the nations biggest miners' union say they've potentially reached a settlement over the severity of wage and benefits cuts.
The United Mine Workers of America and St. Louis based Patriot Coal aren't releasing the details.. But the union says the deal significantly improves upon the cuts Patriot was empowered to make under the May 29 court ruling that allowed it to abandon its collective-bargaining agreements with the union.
Patriot's president and CEO Bennett Hatfield says the "successful conclusion of a difficult negotiation" helps the company avoid liquidation. Patriot says it will seek the bankruptcy court's authorization to enter into the agreement.