Walter Energy filed with the U.S. Bankruptcy Court a motion for entry of s stipulation and agreed order approving a compromise and settlement with the United Steelworkers (USW).
According to documents filed with the Court, “The Retiree Plans are terminated effective as of February 29, 2016….Any payments received by the Debtors from Retiree(s) for premiums due under the Retiree Plans for months after the Benefit Termination Date shall be promptly returned to the Retiree(s). The Debtors will provide Retiree Benefits under the Retiree Plans up to and including the Benefit Termination Date…the Debtors shall continue to process…all claims of the USW Retirees for Retiree Benefits under the Retiree Plans incurred up to and including on the Benefit Termination Date that are unpaid prior to the Closing Date…”
The Court scheduled a March 16, 2016 hearing to consider the settlement motion. Read more WLT bankruptcy news.
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