James River Coal wants to auction off business
RICHMOND, Va. — James River Coal Co. intends to sell parts or all of its business at an auction in July.
The Richmond-based company filed for Chapter 11 bankruptcy protection earlier this month as it faced challenges from the weak economy, environmental regulations and competition from natural gas.
James River Coal has been working with advisers for three months to find potential buyers for its business or to obtain a capital investment, the Richmond Times-Dispatch reported.
According to court filings, the company is seeking preliminary indications of interest by May 22, with a bidding deadline of June 30. The auction would be July 8, with a sale hearing in court on July 11.
The company mines coal used to produce steel and for power generation in Indiana, Kentucky and West Virginia.
— The Associated Press