Patriot Coal Corp. said it would emerge from chapter 11 protection today after months of wrangling with its unionized workforce and former parent Peabody Energy Corp over cost cuts, Reuters reported today. Patriot declared bankruptcy in July 2012, saying that it needed to cut $150 million a year in employment costs to return to profit. The company, which produces coal for both the steel and power industries, received court permission earlier this year to scrap collective bargaining agreements with its union and draw up new, cost-saving contracts.
