Statement Of Peabody Energy (NYSE: BTU) Regarding Patriot Coal Claim


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ST. LOUIS, March 14, 2013 /PRNewswire/ --Our contract with Patriot Coal states that we will fund a portion of Patriot's retiree healthcare expenses for specified retirees. We have been providing funds under this contract since the spinoff.

This contract also appropriately states that, should Patriot's benefit obligations decrease, our funding would proportionately be reduced. Patriot is taking the untenable position that our payments should continue in full in the future even if Patriot's expenses are reduced.

Such a claim is not only unreasonable, but counter to the fundamental basis of the language in the contract. These are Patriot's obligations and, to the extent they are reduced, we will meet our agreement with Patriot to fund the new lower levels.

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CONTACT:
Vic Svec
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SOURCE Peabody Energy


Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


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