Wednesday, May 7, 2014

"James River Coal Receives Auction Rule Approval" $JRCC

"[JRCC] received bankruptcy-court approval to either sell its assets at auction or enter into an investment agreement, the foundation of its dual-track restructuring plan.

The rules for the July 8 auction, approved by Judge Kevin R. Huennekens of the U.S. Bankruptcy Court in Richmond, Va., allow bidders to submit offers to purchase James River's assets or submit terms for a restructuring plan, which would include an investment in the company.

Indications of interest are due by May 22. Formal bids are due June 30, according to the approved rules."

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