What’s at stake at Patriot:
- Peabody Energy and Arch Coal – the nation’s largest coal companies – created the spin-off company, Patriot Coal, in a scheme to rob thousands of union members and beneficiaries of their pensions and health care benefits. Patriot Coal filed for chapter 11 bankruptcy in July 2012.
- In 2007, Peabody Energy created Patriot Coal, and in 2008 Patriot bought Magnum, a spin-off of Arch Coal. Patriot Coal inherited over $1 billion in retiree pension and health care obligations from Peabody and Arch.
- Patriot Coal now wants to be released from its pension and retirement obligations covering more than 20,000 UMWA retirees and beneficiaries in West Virginia, Indiana, Illinois, Kentucky and Ohio.