The U.S. Bankruptcy Court for the Eastern District of Virginia said in a July 10 notice that it has again pushed back the auction date and the follow-on sale hearing date for James River Coal.
The Virginia-based coal producer is putting basically all of its remaining assets up for auction and will compare the bid results against the merits of any plan to reorganize and emerge intact from Chapter 11 protection.
The auction had at one point been scheduled for July 8, with a July 10 sale hearing. The U.S. Bankruptcy Court in a July 3 order set a new auction date of July 14 and a July 17 sale hearing.
- The newest auction date, as per the July 10 order, is now July 21 at 1:00 p.m. (prevailing Eastern Time), with the auction to be held at the offices of counsel to the debtors, Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York.
- The new sale hearing date (if there is a successful bid) is July 29 at 1:00 p.m. (prevailing Eastern Time), to be held before the Honorable Kevin Huennekens at the U.S. Bankruptcy Court, 701 East Broad Street, Room 5000, Richmond, Va.
On April 7, the company, a major coal producer in Central Appalachia and a significant producer in Indiana, sought Chapter 11 protection. It has since sold its idled McCoy Elkhorn operation in eastern Kentucky to two parties and is preparing for this broader auction of its assets.