Patriot Coal Corp., a producer and marketer of coal in the eastern US, issued a new WARN (Worker Adjustment and Retraining Notification Act) notice to employees.
According to the company, it issued the notices in accordance with the terms of the agreements to sell a majority of its assest to Blackhawk and VCLF.
The supplemental WARN notice from Patriot extended the period from the original WARN notice issued on 3 August 2015. This was a result of a delay in the company’s bankruptcy case. These delays held up and extended the projected closing date of the transaction from 9 October to 23 October 2015.
The company has indicated it expects that a majority of its employees at its mining operations will be offered employment if the sale is completed.
Patriot is continuing to work to complete the sale process and attain a value-maximising outcome for all of its constituents.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/07102015/patriot-coal-on-its-warn-notice-2976/