The attorneys for James River Coal, citing “reasonable judgment,” filed a July 18 notice with the U.S. Bankruptcy Court for the Eastern District of Virginia that an auction for the James River assets is being pushed back again, this time to July 28.
On May 9, the court had approved a bidding process for the assets of this company, which is a major coal producer in Central Appalachia and a significant producer in Indiana. The July 18 notice, without citing a specific reason for the delay, said the new auction date is July 28 at 1:00 p.m. (prevailing Eastern Time) at the offices of counsel to the debtors, Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, N.Y. The court hearing to look at sale results is not set to this point.
The prior auction date had been July 21, which itself was a date that had been pushed back. On April 7, the company 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. The company also holds out hope it could be reorganized if that option is better than a sale of assets.