March 15, 2017 / 9:29 PM / in 2 years

Bankrupt Peabody and pension plan reach $75 mln settlement

A day before a key hearing on its reorganization plan, bankrupt coal mining company Peabody Energy Corp filed court papers on Wednesday seeking court approval for a $75 million deal to resolve a dispute with a mine workers union retirement plan.

Peabody filed its papers in the U.S. Bankruptcy Court in St. Louis, where the company is headquartered. The settlement is much less than the nearly $643 million the United Mine Workers of America 1974 Pension Plan and Trust had sought.

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