Peabody wants court to affirm limits of obligations to Patriot - Beckley, Bluefield & Lewisburg News, Weather, Sports

Peabody wants court to affirm limits of obligations to Patriot

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • 5 Arrested after Shots Fired in Princeton

    5 Arrested after Shots Fired in Princeton

    Thursday, August 21 2014 1:58 AM EDT2014-08-21 05:58:50 GMT
    Several people are arrested on Wednesday night, after dozens of shots are fired on Courthouse Road near Crestview Drive in Princeton.
    Several people are arrested on Wednesday night, after dozens of shots are fired on Courthouse Road near Crestview Drive in Princeton.
  • Suspect Connected to Murder Investigation is Captured

    Suspect Connected to Murder Investigation is Captured

    Wednesday, August 20 2014 6:49 PM EDT2014-08-20 22:49:27 GMT
    Murder Suspect Desean Farley CapturedMurder Suspect Desean Farley Captured
    Desean Farley, a suspect in a Beckley murder investigation, was captured by the U.S. Marshal Service in Wisconsin. Farley s believed to be the man who shot and killed a person at Willbrian Apartments on Saturday, July 12, 2014.
    Desean Farley, a suspect in a Beckley murder investigation, was captured by the U.S. Marshal Service in Wisconsin. Farley s believed to be the man who shot and killed a person at Willbrian Apartments on Saturday, July 12, 2014.
  • How to avoid the back-to-school plagues

    How to avoid the back-to-school plagues

    Wednesday, August 20 2014 6:43 PM EDT2014-08-20 22:43:26 GMT
    During the school year children seem to bring home every type of illness, but there are a few things you can do to prevent your child from catching all those pesky illnesses.Washing hands is the universal way to avoid the spread of germs but there are a few ways you can prevent your child from getting sick when they come in contact with those germs.
    During the school year children seem to bring home every type of illness, but there are a few things you can do to prevent your child from catching all those pesky illnesses.Washing hands is the universal way to avoid the spread of germs but there are a few ways you can prevent your child from getting sick when they come in contact with those germs.

Peabody Energy has asked the bankruptcy court hearing the Patriot Coal Chapter 11 reorganization to confirm the termination of its contractual obligation to fund some of Patriot's retirement benefits.

"Under Patriot Coal's new labor agreements with the (United Mine Workers of America), its obligation to pay healthcare benefits for its retirees will terminate by January 1, 2014," Peabody said in a news release. "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 health care benefits end, a voluntary employee beneficiary association (VEBA) will provide health care benefits to Patriot retirees, Peabody said. Peabody added it has made several offers to contribute what it calls substantial funding to the 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." Peabody said. "The UMWA's unreasonable position has left Peabody with no plausible avenue but to protect our legal rights."

A UMWA spokesman said the union would not have a comment on the Peabody statement at this time.

The case is being heard in the U.S. Bankruptcy Court for the Eastern District of Missouri.