The Pension Benefit Guaranty Corp. will begin paying the retirement benefits of almost 2,000 current and future retirees of a Richmond, Virginia-based mining company.
James River Coal Co., a coal producer and marketer, filed for Chapter 11 protection in U.S. bankruptcy court in April.
The majority of the company's assets were sold to Blackhawk Mining in August. Blackhawk refused to assume James River's pension obligations, which ended on Aug. 31, when the PBGC stepped in.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
