Patriot Coal Corp. yesterday told a judge it would liquidate if not allowed to make drastic cuts to employee pension and health care benefits, as coal miners protested on the first day of a week-long court hearing, Reuters reported yesterday. Patriot, which filed for bankruptcy in July, told a bankruptcy court that it planned to cut $150 million in annual labor costs by ceasing pension contributions and converting healthcare to an outside fund. The United Mine Workers of America (UMWA) has condemned the proposals as "nowhere near" fair, but a Patriot lawyer said that it is a necessary step for the company to survive.
