RICHMOND, Va. (AP) -- 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.
The Richmond Times-Dispatch reports (http://bit.ly/1eGMvQm ) that James River Coal has been working with advisers for three months to find potential buyers for its business or to obtain a capital investment.
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 Kentucky, West Virginia and Indiana.
Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
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