Daily News: November 30, 2012

Reuters: Patriot Bankruptcy Case Moved From NY to St. Louis

U.S. Bankruptcy Judge Shelley Chapman ruled to move the Patriot Coal case from New York to Missouri, Reuters reported.

The St. Louis-based company had incorporated two units of the business in New York two weeks prior to its bankruptcy filing in July, which technically established venue there. However, Chapman ruled to transfer the case to St. Louis after the United Mine Workers of America argued that the case should be heard at a venue closer to the company’s operations.

Reuters reported that part of the bankruptcy may result in a significant cut in retiree pension and health benefits. According to Reuters, Chapman said the Mine Workers union, with more than 10,000 retired members who receive their pension and health obligations from Patriot, wanted to move the case to West Virginia where it felt judges would be more sympathetic to coal miners. But the union is satisfied with St. Louis.

To read the full Reuters article, click here.