Patriot send revised proposal to UMWA - WVVA TV Bluefield Beckley WV News, Weather and Sports

Patriot send revised proposal to UMWA

Posted:

(WVVA) - Patriot Coal has made public its latest proposals to the UMWA, which were delivered to the UMWA on Wednesday.

The latest proposals are publicly available at www.patriotcaseinfo.com/docs.php. Key changes, as submitted by Patriot, are as follows:

  • The UMWA would be granted a direct 35% equity stake in the reorganized enterprise. This equity stake could be monetized, in whole or in part, generating a substantial cash contribution to the VEBA Trust, which is expected to be worth hundreds of millions of dollars.
  • The date on which retiree healthcare will be transitioned to the VEBA Trust will be extended by six months to January 1, 2014, provided the UMWA consents to a short-term bridge-funding arrangement. If the UMWA consents, UMWA retirees and their beneficiaries will continue to receive their current level of benefits until January 1, 2014. The purpose of this extension is to afford the UMWA ample time to monetize the equity stake and determine the optimum level of healthcare coverage the VEBA Trust can provide. The extension will also allow UMWA retirees and beneficiaries to continue to receive their current level of benefits until the healthcare options associated with the Patient Protection and Affordable Care Act ("PPACA") become available on January 1, 2014.
  • In addition to the Profit-Sharing Contribution that was a component of prior 1114 proposals, Patriot would also pay a royalty contribution for every ton produced at all existing mining complexes. This royalty will raise additional tens of millions for the Trust based on current production estimates.
  • Patriot has accepted the UMWA's litigation trust proposal verbatim, except that the funding obligation has been reduced to a level Patriot can afford, and the appointment of members will be evenly apportioned between the UMWA and the Committee.
  • As set forth in Patriot's revised Section 1113 Proposal, Patriot has pledged to pursue good faith negotiations with the UMWA 1974 Pension Plan toward a mutually agreeable payment arrangement that avoids creation of a large unsecured claim that would be detrimental to other Patriot creditors (including the UMWA).

Page 2 of the revised 1114 proposal includes the following quote: "Unfortunately, Patriot simply does not have the financial resources to support its current benefit levels and will not survive without substantial changes across its cost structure. While we very much regret that these changes are necessary, we hope and trust that the UMWA will work with us on a collaborative basis to achieve a successful reorganization. Failure to reorganize will almost surely lead to a devastating loss of jobs and healthcare coverage for more than 21,000 active workers, retirees and their dependents."

  • NEWSMore>>

  • Military pilot was killed in Virginia F-15 crash

    Military pilot was killed in Virginia F-15 crash

    The pilot of an F-15 jet that crashed this week in remote Virginia mountains was killed, military officials said Thursday.Col. James Keefe said his "thoughts and prayers are with the family" of the pilot, whose identity wasn't disclosed...More >>
    The pilot of an F-15 jet that crashed this week in remote Virginia mountains was killed, military officials said Thursday.Col. James Keefe said his "thoughts and prayers are with the family" of the pilot, whose identity wasn't disclosed...More >>
  • Police search for missing man in Virginia

    Police search for missing man in Virginia

    Virginia State Police is looking for your help in locating a missing man. They report that 42-year-old Michael Stacy was last seen on August 23rd of this year.Stacy is from Swords Creek, Virginia in Russell County. If you've seen this man or have information, contact Virginia State Police at 276-964-2322More >>
    Virginia State Police is looking for your help in locating a missing man. They report that 42-year-old Michael Stacy was last seen on August 23rd of this year.Stacy is from Swords Creek, Virginia in Russell County. If you've seen this man or have information, contact Virginia State Police at 276-964-2322More >>
  • Princeton named best up-and-coming town in West Virginia

    Princeton named best up-and-coming town in West Virginia

    The city of Princeton has been recognized by West Virginia Living Magazine as the best up-and-coming town in the state of West Virginia for 2014.This comes as the downtown area continues to see improvements thanks to the Princeton Renaissance Project.More >>
    The city of Princeton has been recognized by West Virginia Living Magazine as the best up-and-coming town in the state of West Virginia for 2014.This comes as the downtown area continues to see improvements thanks to the Princeton Renaissance Project.More >>
  • Two men accused of assaulting officers in Greenbrier County

    Two men accused of assaulting officers in Greenbrier County

    GREENBRIER COUNTY (WVVA) Two men are charged with assaulting officers in two separate incidents in Lewisburg. According to Police, David Trent, 30, was confronted by police...More >>
    GREENBRIER COUNTY (WVVA) Two men are charged with assaulting officers in two separate incidents in Lewisburg. According to Police, David Trent, 30, was confronted by police...More >>
  • Police need help locating a missing Iaeger woman

    Police need help locating a missing Iaeger woman

    BLUEFIELD, WV (WVVA) Police need your help finding a woman who went missing nearly two weeks ago. Darlene Hatfield, 55...More >>
    BLUEFIELD, WV (WVVA) Police need your help finding a woman who went missing nearly two weeks ago. Darlene Hatfield, 55...More >>
  • U.S. Senate candidates square off at WV Chamber of Commerce Meeting

    U.S. Senate candidates square off at WV Chamber of Commerce Meeting

    WHITE SULPHUR SPRINGS (WVVA) Hundreds of business leaders, lawmakers, community leaders in West Virginia gather at the Greenbrier Resort for the West Virginia Chamber of Commerce's 78th Annual Meeting and Business Summit...More >>
    WHITE SULPHUR SPRINGS (WVVA) Hundreds of business leaders, lawmakers, community leaders in West Virginia gather at the Greenbrier Resort for the West Virginia Chamber of Commerce's 78th Annual Meeting and Business Summit...More >>
  • Persons of Interest Sought in Triple Shooting

    Persons of Interest Sought in Triple Shooting

    Beckley (WVVA) -- Police now say they have persons of interest after a triple shooting in Beckley. It happened Tuesday evening around 5p.m. That's when police say two people came up to the basketball court on Antonio Avenue and started arguing with the players. At that point, police say multiple shots were fired and three people were injured. At least one of the three people injured has been released from Raleigh General Hospital. The other two are being treated at Charleston Area Medical Cen...More >>
    Beckley (WVVA) -- Police now say they have persons of interest after a triple shooting in Beckley. It happened Tuesday evening around 5p.m. That's when police say two people came up to the basketball court on Antonio Avenue and started arguing with the players. At that point, police say multiple shots were fired and three people were injured. At least one of the three people injured has been released from Raleigh General Hospital. The other two are being treated at Charleston Area Medical Cen...More >>
  • UPDATE: Hatfields & McCoys Feud Over Trademark

    UPDATE: Hatfields & McCoys Feud Over Trademark

    Beckley (WVVA) The Hatfields McCoys Feud takes a new twist almost 140 years after it started. On August 18, WVVA aired a story about Mark Hatfield, the great great grandson of Devil Anse Hatfield, and the star of the hit History Channel show 'Hatfields McCoys: White Lightning.' Hatfield claimed that during production, a partner company called the Legendary Hatfields McCoys took several of their secret recipes, including their famous brand of moonshine, Drink of the Devil. He also claimed t...More >>
    Beckley (WVVA) The Hatfields McCoys Feud takes a new twist almost 140 years after it started. On August 18, WVVA aired a story about Mark Hatfield, the great great grandson of Devil Anse Hatfield, and the star of the hit History Channel show 'Hatfields McCoys: White Lightning.' Hatfield claimed that during production, a partner company called the Legendary Hatfields McCoys took several of their secret recipes, including their famous brand of moonshine, Drink of the Devil. He also claimed t...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WVVA.
All Rights Reserved. For more information on this site, please read our Privacy Policy, Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Audrey Sluss at (304) 324-0659. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.