Bankrupt Coal Company, Union Spar Over Executive Bonuses

Patriot Coal asked a judge for permission to pay 110 managers $6.9 million in retention bonuses for sticking with the Creve Coeur-based company, which filed for bankruptcy in July. The president said operations will deteriorate if Patriot loses key managers, and “that will push us further toward chaos.” Attorneys for the United Mine Workers of America argued that the money would come out of the pockets of miners, and pointed out that Patriot is attempting to gut retiree medical benefits and pension plans and paying $14 million to its New York lawyers.

Read more from the St. Louis Post-Dispatch and the St. Louis Business Journal


Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students