Monday, August 18, 2014

"James River Coal Chooses Blackhawk Mining as Lead Bidder" $JRCC

Finally a bidder, although for a paltry amount:

"Bankrupt James River Coal Co., after repeatedly postponing an asset auction, chose a unit of Blackhawk Mining LLC as the lead bidder, with an opening offer of $50 million.

The Blackhawk unit will be the so-called stalking horse at the auction to be held today in New York, according to papers filed in U.S. Bankruptcy Court in Richmond, Virginia. A sale hearing to consider Blackhawk’s or other possible bids is scheduled for Aug. 20 in Richmond."
Bankruptcy court auctions are set up for the stalking horse bidder to usually win.

No comments: