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Peabody Energy Compromise Approval Sought

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Peabody Energy filed with the U.S. Bankruptcy Court a motion to compromise a controversy and memorializing the terms of a settlement between Debtor Big Ridge and the United Mine Workers of America (UMWA) in regards to the board’s compliance specification and notice of hearing to liquidate back pay and other monetary liability due under the board’s December 14, 2014 order finding Big Ridge in violation of the National Labor Relations Act.

The motion explains, “[T]he Eighth Circuit has found that a suit brought by the Equal Employment Opportunity Commission (the ‘EEOC’) to enforce Title VII is not stayed under the Bankruptcy Code pursuant to the police power exception. Big Ridge determined that, in its reasoned business judgment, it was in its best interests to enter into this Settlement with the UMWA and the Board rather than subject Big Ridge and its estate to the time and expense of litigating the applicability of the automatic stay to the NLRB Proceeding before this Court.”

The motion continues, “As set forth in the Compliance Agreement, the Parties have agreed that, commencing on the date the Compliance Agreement is approved by the Court: (a) the back pay amount owed by Big Ridge pursuant to the NLRB Order will be liquidated into a claim of $99,617 (the ‘Settlement Amount’); (b) Big Ridge will withdraw the answer it filed to the Compliance Specification; and (c) the Board will withdraw the Compliance Specification and Notice of Hearing.”

The Court scheduled a September 15, 2016 hearing to consider the compromise motion, with objections due by September 8, 2016. Read more Peabody Energy bankruptcy news.

The post Peabody Energy Compromise Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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