Thursday, July 3, 2014

James River Coal Bankruptcy Update $JRCC $JRCCQ

Mentioned in the WSJ:

"[W]ill ask Judge Kevin Huennekens of the U.S. Bankruptcy Court in Richmond, Va., for more time to draft a restructuring plan as it continues to weigh whether to reorganize the company or to sell its assets.

James River Coal has asked for permission to file its proposed plan by Nov. 13, an extension of 100 days.

If the extension is approved, James River Coal will have until mid-January to solicit votes on the restructuring plan from creditors. The company noted in its extension request that such a timeline would coincide with the January 12 maturity date of its $110 million bankruptcy loan.

Since seeking Chapter 11 protection in April, James River Coal has been soliciting bidders to either purchase its assets outright or submit the terms of a reorganization plan that would include investment in the company.

An auction and sale hearing, previously scheduled for next week, have been delayed until the week of July 14."

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