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James River Coal wants to auction off business

Friday - 4/18/2014, 7:04am  ET

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.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


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