Members of United Mine Workers of America have approved a new collective bargaining agreement with the company that plans to acquire key assets of Walter Energy Inc., the Birmingham (Ala.) Business Journal reported today. The new agreement between UMWA and Coal Acquisition Inc. represents a critical step in the bankruptcy process for Walter Energy. Coal Acquisition is comprised of Walter's senior lenders, but the company hasn't unveiled its specific plans for Walter's assets. UMWA said the agreement will provide continued employment for hundreds of miners in central Alabama, as well as the potential for about 100 more to be called back to work in the coming months. The agreement also includes $25 million in funding for retiree health benefits, allowing them to continue through 2016, when legislation to permanently fix miners’ retiree health care and pension shortfalls would be passed by Congress.
