| Ex-CEO of bankrupt coal firm Alpha objects to plan to drop miner benefits | |
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Nov 11 (Reuters) - The founder and former chief executive officer of Alpha Natural Resources, among the largest U.S. coal companies, objected on Wednesday to Alpha's plan under bankruptcy to drop benefits for more than 4,500 miners, spouses and their dependants. Eliminating the benefits would erase roughly $125 million in obligations for the Virginia-based company as it tries to mollify creditors stung by the company's bankruptcy filing in August, according to court papers filed earlier this month in a bankruptcy court in Richmond. But the move would also erase life insurance and health benefits for about 4,580 non-union retirees, disabled former workers and their families, the company said in the filing. The company has asked permission to drop benefits such as "hospital, medical, prescription, surgical and life insurance" at the end of December, according to the filing. Declining global demand for coal and new, anti-pollution regulations have dented the domestic industry and pushed several companies toward insolvency. In recent weeks, Democratic presidential candidate Hillary Clinton has said coal companies that face financial strain must still protect miners' welfare. (Reporting by Eric Beech in Washington; Editing by Ken Wills)
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Alpha Natural Resources Inc.
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CODE : ANR |
ISIN : US02076X1028 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Alpha Natural Res. is a producing company based in United states of america. Alpha Natural Res. is listed in Germany and in United States of America. Its market capitalisation is US$ 580.6 millions as of today (€ 502.5 millions). Its stock quote reached its highest recent level on July 25, 2008 at US$ 99.92, and its lowest recent point on February 19, 2021 at US$ 0.02. Alpha Natural Res. has 49 410 000 shares outstanding. |