James River Coal filed with the U.S. Bankruptcy Court a notice of selection of a stalking horse bidder and supplemental auction procedures. The notice states, “Pursuant to the Strategic Transaction Bidding Procedures, the Debtors, in consultation with the DIP Agent and the UCC, have selected JR Acquisition, LLC, a wholly owned subsidiary of Blackhawk Mining LLC, as a Stalking Horse Bidder for the purchase of the Debtors’ mining complexes commonly referred to as the Hampden Complex (including the assets of Debtor Logan & Kanawha Coal Company, LLC), the Hazard Complex (other than the assets of Debtor Laurel Mountain Resources LLC) and the Triad Complex for an aggregate purchase price of $50,000,000 plus the assumption of certain liabilities….The Debtors have determined, in their reasonable judgment and in consultation with the DIP Agent and the UCC, to conduct an Auction on August 18, 2014 at 10:00 am.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.