Walter Energy Retirement Benefits Terminated
When you have worked for years, thinking you have a pension plan, and you don’t it can’t be a good feeling.
Monday a federal bankruptcy judge ruled against a motion to block retention bonuses for Walter Energy executives and allowed the company to reject the collective bargaining agreement between Walter Energy, the United Steelworkers and the United Mine Workers. This ruling will terminate their retirement benefits.
This action will allow the sale of Walter Energy assets to its senior lenders. According to attorneys for Walter Energy selling the assets will keep jobs in place and operations continuing.