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riversedge

(69,721 posts)
Sat Oct 10, 2015, 02:54 PM Oct 2015

Patriot Coal withdraws a $22m deal that's part of its bankruptcy plan, after Clinton called it "outr


You go Hillary


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Amanda Becker @AmandaBecker

Patriot Coal withdraws a $22m deal that's part of its bankruptcy plan, after Clinton called it "outrageous" http://www.reuters.com/article/2015/10/07/us-patriot-coal-alcoa-idUSKCN0S12IM20151007



Deals | Wed Oct 7, 2015 4:29pm EDT

Patriot Coal withdraws Alcoa deal as bankruptcy talks continue
WASHINGTON | By Amanda Becker


A $22 million deal between the Aluminum Company of America and Patriot Coal Corp has been abandoned as the coal company seeks to finalize its bankruptcy plan, which U.S. Democratic presidential candidate Hillary Clinton criticized last week as "outrageous."


Patriot Coal of Scott Depot, West Virginia, has told a U.S. Bankruptcy Court judge it is running low on cash and needed court approval for its reorganization plan to avoid a liquidation. Clinton has said the company's plan would deprive retired workers of healthcare benefits.

As part of that plan, Alcoa Inc was set to pay Patriot $22 million to dissolve a joint venture called the Squaw Creek Coal Company, which operated a mine in Warrick County, Indiana.
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A Patriot subsidiary operated the mine and employed those working there, and, in return, Alcoa reimbursed Patriot for some of the workers' benefits.................
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Patriot Coal withdraws a $22m deal that's part of its bankruptcy plan, after Clinton called it "outr (Original Post) riversedge Oct 2015 OP
It's amazing what Clinton is accomplishing as a candidate just by giving a disapproving comment. Hoyt Oct 2015 #1
 

Hoyt

(54,770 posts)
1. It's amazing what Clinton is accomplishing as a candidate just by giving a disapproving comment.
Sat Oct 10, 2015, 02:59 PM
Oct 2015

I think that will be even more effective as Prez.

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