Patriot Coal Reaches Money-Saving Deal With Labor Union  

Patriot Coal Corp. averted a bankruptcy showdown with its miners on Thursday after the union representing its workers and the company’s proposed suitor agreed on a new employment pact, The Wall Street Journal reports. The deal still needs a vote of approval from union members.

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A lawyer for gunmaker Colt Defense LLC said that company officials are making progress in negotiations with bondholders on deal that would get the company, which struggled after losing U.S. military contracts, out of bankruptcy. Read the Daily Bankruptcy Review story in the Journal.

Two former board members of Saab Automobile were accused by Swedish prosecutors of entering into a fake wholesale agreement a few months before the car maker went bankrupt in 2011, WSJ reports.

Private-equity firms are looking to spend the hundreds of billions of dollars they have amassed on new energy investments, even though publicly traded energy exploration-and-production companies have lost more than $18 billion in value since last summer when oil prices began their slide from more than $100 a barrel, WSJ reports.

During a trip to San Juan, presidential hopeful  Sen. Marco Rubio (R-Fla.) said he doesn’t support Puerto Rico’s fight for bankruptcy protection to give it the upper hand in its fight against Wall Street firms, the Washington Post reports. Other hopefuls like Republican presidential rival Jeb Bush and Democratic presidential front-runner Hillary Clinton support that effort.

A Florida jewelry store’s owner faces jail time if he doesn’t turn over financial documents in the store’s bankruptcy by Sept. 18, the latest twist that story that began with a plan to build high-tech suitcases, the Palm Beach Post reports.

Forbes chronicles the messy, decade-old downfall of Jeffrey Prosser and his companies, which the author notes might be the largest bankruptcy drama ever to unfold in the U.S. Virgin Islands.

Law professor Stephen Lubben chews over a recent U.S. Supreme Court decision over lawyer fees in a column for the New York Times’ Dealbook.

A staffing firm said that layoffs in Florida jumped to 2,302 in August, up 53% from last year, largely because of one company’s troubles: Miramar-based home health-care company Univita of Florida, which laid off about 1,000 workers and recently filed for bankruptcy, the Sun-Sentinel newspaper reports.

Write to Katy Stech at [email protected]. Follow her on Twitter at @KatyStech