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"Reaching these agreements represents a pivotal juncture in Patriot's restructuring," said Bennett Hatfield, Patriot's president and CEO. "This sets a clear path forward for Patriot to emerge from Chapter 11 by year-end as a strong competitor in the coal industry." The settlement also calls for the miners' union to give up nearly all of its 35-percent stake in Patriot that resulted from Surratt-States' May ruling. The union, which has argued that Peabody spun off Patriot and set that company up to fail in a deliberate plan to end benefit obligations to the retirees, said it will halt its months of protests targeting Peabody. Saying he's "very pleased" by the settlement, the United Mine Workers' international president, Cecil Roberts, called the negotiated payouts "a significant amount of money that will help maintain health care for thousands of retirees who earned those benefits though years of labor in America's coal mines." Peabody shares rose 15 cents to $17.10 in trading Thursday.
[Associated
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