James River Coal files Chapter 11 liquidation plan, disclosure statement

By Mark Reccek

Bethlehem, Pa., Dec. 23 – James River Coal Co. filed its Chapter 11 plan of liquidation and related disclosure statement, according to Dec. 22 filings with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Creditor treatment pursuant to the plan includes:

• Holders of administrative claims will be paid in full in cash;

• Holders of priority tax claims will receive cash equal to the unpaid portion of such claims;

• Holders of 7 7/8% senior notes parent claims will receive a ratable share of the total distributable cash or lesser treatment;

• Holders of 10% convertible senior note parent claims and 10% convertible senior note guarantee claims will receive a ratable share of the total distributable cash or lesser treatment;

• Holders of general PBGC parent claims and PGBC subsidiary claims will receive a ratable share of the total distributable cash or lesser treatment;

• Holders of general unsecured claims will receive a ratable share of the total distributable cash or lesser treatment;

• Holders of subordinated claims will have such claims canceled and not receive or retain any property;

• Holders of intercompany claims will have such claims released and not receive or retain any property;

• Holders of unimpaired claims will receive payment in cash;

• Holders of secured claims will receive payment in cash; and

• Holder of interests in subsidiary debtors will have the claims reinstated.

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

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