10/10/2013 10:30 PM
CHARLESTON - A major agreement involving health care for miners and retirees is made Thursday. The United Mine Workers of America has reached a global settlement with Peabody Energy and Patriot Coal which will provide funding of more than $400 million to cover future health care benefits for retirees affected by the bankruptcy of Patriot Coal. The two companies will divide staggered payments until 2017. The UMWA has also agreed to relinquish nearly the entire value of its 35 percent stake in Patriot Coal that it received in a bankruptcy settlement in May. The UMWA will also end its months-long public relations campaign against Peabody related to the bankruptcy of that company. A settlement ruling is scheduled following a hearing on November 6th.