Talks between Patriot Coal, UMWA break off
The potential of a strike against Patriot Coal Corp. appeared to loom larger after talks between the company and the United Mine Workers of America came to an abrupt end this week. The union blamed company negotiators on Wednesday for breaking off negotiations; the company said that claim was wrong.
Patriot and the union continued negotiations into this week even after a May 29 court order approving the company’s request to make deep cuts in benefits for 23,000 union retirees and dependents and implement changes to the labor contract for thousands of current employees.
The company, based in Creve Coeur, has insisted that it needs $150 million in union concessions to emerge from bankruptcy. And unless the company could negotiate a deal with the union to achieve the savings, it would make the changes allowed by the court.
UMWA officials issued a statement on Wednesday saying they were notified that the company intends to impose the court-approved wage and benefit plans as soon as possible, on July 1, after company negotiators “walked out” of talks with the union on Tuesday and cancelled negotiations scheduled for the rest of this week and early next week.
http://www.stltoday.com/business/local/patriot-coal-walks-out-of-talks-with-miners-union/article_4ef90748-7423-5f3f-b0f2-64524911ecb9.html
The company needs Union concessions to emerge from bankruptcy, but somehow the Executives don't have to take a hit and the court approved their pay.
