James River Coal Files Bankruptcy - Beckley, Bluefield & Lewisburg News, Weather, Sports

James River Coal Files Bankruptcy

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Mercer County Man Pleads Guilty to Sex Charges

    Mercer County Man Pleads Guilty to Sex Charges

    Friday, August 22 2014 1:15 PM EDT2014-08-22 17:15:17 GMT
    Joseph Inman pleads guilty to sex chargesJoseph Inman pleads guilty to sex charges
    In Mercer County a man facing disturbing charges involving children appeared in court Friday, August 22 for a plea hearing.Joseph Inman pleaded guilty to 64 counts of possession of material depicting minors engaged in sexually explicit conduct.He is facing two to ten years and will have to register as a sex offender for the rest of his life.He will be sentenced in October.He was arrested back in December of last year.
    In Mercer County a man facing disturbing charges involving children appeared in court Friday, August 22 for a plea hearing.Joseph Inman pleaded guilty to 64 counts of possession of material depicting minors engaged in sexually explicit conduct.He is facing two to ten years and will have to register as a sex offender for the rest of his life.He will be sentenced in October.He was arrested back in December of last year.
  • Pick-up rolls on top along WV Turnpike near Ghent

    Pick-up rolls on top along WV Turnpike near Ghent

    Friday, August 22 2014 10:38 AM EDT2014-08-22 14:38:07 GMT
    Officials said that the weather could be the cause of an accident that happened at around 9:15 a.m. on Friday, Aug. 22, 2014. The driver of the pick-up truck apparently lost control after hydroplaning.
    Officials said that the weather could be the cause of an accident that happened at around 9:15 a.m. on Friday, Aug. 22, 2014. The driver of the pick-up truck apparently lost control after hydroplaning.
  • Fire Destroys Home in Raysal, WV

    Fire Destroys Home in Raysal, WV

    Friday, August 22 2014 10:22 AM EDT2014-08-22 14:22:31 GMT
    Fire Destroys Home in McDowell CountyFire Destroys Home in McDowell County
    Crews responded to the scene of a house fire in Raysal, McDowell County at around 1:30 a.m. on Friday, August 22. The house was next to the State Road Garage and near the car wash as you're going towards Bartley.The Raysal Fire Department, Bradshaw Fire Department and the War Fire Department all responded to the scene. The McDowell Authority EMS were also on scene. Emergency dispatchers said the fire rekindled at around 6 a.m. The scene was clear by 7 a.m.No one was home at the time of the fi...
    Crews responded to the scene of a house fire in Raysal, McDowell County at around 1:30 a.m. on Friday, August 22. The house was next to the State Road Garage and near the car wash as you're going towards Bartley.The Raysal Fire Department, Bradshaw Fire Department and the War Fire Department all responded to the scene. The McDowell Authority EMS were also on scene. Emergency dispatchers said the fire rekindled at around 6 a.m. The scene was clear by 7 a.m.No one was home at the time of the fi...
  • BusinessBusinessMore>>

  • Hatfield and McCoy feuding continues in Gilbert, WV

    Hatfield and McCoy feuding continues in Gilbert, WV

    Thursday, August 21 2014 11:39 PM EDT2014-08-22 03:39:40 GMT
    A modern day family feud is brewing in Gilbert, WV over moonshine and the family name.
    A modern day family feud is brewing in Gilbert, WV over moonshine and the family name.
  • 'Downtown Wheeling Inc.' Changes Name, Still Has Same Goals

    'Downtown Wheeling Inc.' Changes Name, Still Has Same Goals

    Thursday, August 21 2014 3:16 PM EDT2014-08-21 19:16:18 GMT
    One popular organization in Wheeling has changed their name. "Downtown Wheeling Inc.," will now be known as "Reinvent Wheeling." The group hosts many events in the Wheeling area such as the Wine and Jazz Festival, the Big Ideas Speaker series, and First Fridays. According to Reinvent Wheeling member Jake Dougherty, the name change is intended to reflect the organizations efforts to revitalize the downtown area. He said, "We were looking for a name that really expresses what was happening in d...
    One popular organization in Wheeling has changed their name. "Downtown Wheeling Inc.," will now be known as "Reinvent Wheeling." The group hosts many events in the Wheeling area such as the Wine and Jazz Festival, the Big Ideas Speaker series, and First Fridays. According to Reinvent Wheeling member Jake Dougherty, the name change is intended to reflect the organizations efforts to revitalize the downtown area. He said, "We were looking for a name that really expresses what was happening in d...
  • US existing home sales rise for 4th straight month

    US existing home sales rise for 4th straight month

    Thursday, August 21 2014 10:33 AM EDT2014-08-21 14:33:29 GMT
    Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.
    Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.

James River Coal Company announced April 7 the company and its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Eastern District of Virginia Richmond Division.

"James River intends to use the Chapter 11 process to continue implementing a comprehensive turnaround plan aimed at addressing its challenges in the changing coal mining industry," a news release from the company states.

The company entered into a $110 million in debtor-in-possession financing agreement, but gave assurances that mining operations and coal shipments will continue as usual.

If approved by the bankruptcy court, new financing and cash generated from James River's ongoing operations would be used to support the business during the restructuring process.

"The coal markets in the U.S. have changed dramatically during the past several years," said James River Chairman and CEO Peter Socha. "Some of these changes are cylical due to continued weakness in the real economy.

"Other of the changes are more permanent, like changes in government, environmental regulations, improved methods to produce natural gas and switching between coal basins by domestic power utilities."

Socha said the company has made a number of significant changes to its mine operations and overhead in response to the changes in coal markets.

"Now we need to adjust our balance sheet and debt structure to align ourselves to the new industry," he said. "We took this action to restructure under Chapter 11 because it will allow us to adjust the balance sheet and improve our liquidity in a controlled and definitive manner.

"We will also continue to explore and evaluate potential strategic alternatives for the company, such as a capital investment through a plan of reorganization or a sale of one or more portions of the company."

James River Coal Company sells metallurgical, bituminous steam and industrial-grade coal to electric utility companies and industrial customers both domestically and internationally. The company's operations are managed through operating subsidiaries located throughout eastern Kentucky, southern West Virginia and southern Indiana.

James River has filed various motions with the bankruptcy court in order to ensure the continuation of normal operations, including requesting authorization to continue paying employees wages and providing health care along with other benefits.