Patriot Coal Corp., the bankrupt mining company, reached a settlement resolving how it will reduce benefits for nonunion retirees, Bloomberg News reported yesterday. Patriot will pay $4 million into a plan administered by a trustee to pay benefits for nonunion workers, Brian Resnick, a lawyer for Patriot, said in court yesterday. The payment would consist of $250,000 in cash plus stock in a reorganized company, he said. Life insurance will be capped at $30,000 and current benefits will stay in effect until July 31 under the settlement.
