James River Coal seeks exclusivity extension to avoid ‘premature’ plan

By Caroline Salls

Pittsburgh, Nov. 14 – James River Coal Co. requested a second extension of its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The company wants to extend its exclusive filing period through March 13 from Nov. 13 and the solicitation period through May 12 from Jan. 12.

According to the release, James River is requesting the extension so it does not have to file a plan “prematurely.”

Specifically, the company said it needs more time to sell its remaining assets, continue to wind down its business and mining operations, take actions that will maximize distributions and develop a plan.

A hearing is scheduled for Dec. 18.

James River, a coal company based in Richmond, Va., filed for bankruptcy on April 7, 2014. The Chapter 11 case number is 14-31848.

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