Judge Allows Bankrupt Peabody to Pay Up to $3.4 Million in Bonuses to White-Collar Employees

first_imgJudge Allows Bankrupt Peabody to Pay Up to $3.4 Million in Bonuses to White-Collar Employees FacebookTwitterLinkedInEmailPrint分享Jacob Barker for the St. Louis Post Dispatch:Peabody Energy won approval for a bonus plan for nonexecutives that it says will help retain “mission critical” employees.In a hearing Wednesday in bankruptcy court in St. Louis, Judge Barry Schermer ruled in favor of Peabody, saying the company’s plan “targets those that are in a position to help guide this reorganization.”Peabody this month asked for the authority to pay out as much as $3.24 million in bonuses to keep workers in its finance, legal, sales, marketing, information technology and human resources departments from jumping ship as the company moves through bankruptcy. The majority of the 42 people targeted with retention bonuses are in Peabody’s St. Louis headquarters, a spokesman said.The largest coal company in the country filed for Chapter 11 in April due to a high debt load and a sharp drop in coal demand in the face of low natural gas prices and tightening environmental regulations.“The kind of people we are seeking to provide awards to under this program are mobile” and can take their skill sets to industries outside of coal mining, Peabody attorney Heather Lennox told the judge.Objections to the program came from United Mine Workers of America pension and health care funds, which argued the payments could come at the expense of money apportioned for retiree benefits. Peabody already reduced payments to one of the retiree health funds by $70 million in a deal struck prior to its bankruptcy.“Slashing the health benefits of aged and medically vulnerable retirees with extremely limited resources, while lavishly rewarding white-collar employees, is neither fair nor reasonable,” the UMWA argued in court filings.Full article: Court OKs retention bonuses for mid-level workers at Peabody Energylast_img read more

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Stephens wins WTA title

first_imgWASHINGTON (AP): Sloane Stephens sat at a table for her postmatch news conference, eyed the big glass trophy sitting at arm’s length, and asked, “What happens to this?” Forgive the 22-year-old American for not knowing. She’s never been given championship hardware at a professional tournament before. Stephens earned a WTA title for the first time yesterday, overwhelming Anastasia Pavlyuchenkova of Russia 6-1, 6-2 in the final of the hard-court Citi Open. “Nothing was rushed. Nothing was given to me. I had to work for everything. It was just nice that all of the hard work and everything I’ve put into it – now I can say that I have a tournament title,” Stephens said. “Everything happens when it’s supposed to happen.” It was her first final as a pro. Entering this tune-up for the US Open, she owned a .685 career-winning percentage at Grand Slam tournaments, including getting to the second week in seven appearances, with a semi-final showing at the Australian Open and quarter-final run at Wimbledon, both in 2013. At her news conference, a reporter mentioned that Stephens has been considered the best women’s tennis player without a title for quite some time. “Now you’ll have somebody else to talk about,” Stephens replied. “I’m sure there’s someone else, so I will pass that torch on to whoever’s behind me.”last_img read more

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