Patriot Coal Announces Settlement with Peabody Energy

TRIANGLE, Va. (WSAZ) -- Patriot Coal announced that it has settled all health and pension-related claims against Peabody Energy in exchange for funding to help the company emerge from bankruptcy by the end of the year.

The two companies have been fighting about the funding of benefits for more than 3,000 retirees that Peabody agreed to continue covering following the spin-off of Patriot in 2007.

As part of the settlement, the United Mine Workers of America will receive more than 400 million dollars to cover future health benefits for retirees affected by Patriot's bankruptcy filing.

The settlement will be presented in bankruptcy court for approval next month.

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