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Bankrupt James River Coal set for auction

World Coal,

Bankrupt coal mining company, James River Coal, has chosen a unit of Blackhawk Mining to be the lead bidder when the company goes up for sale at auction.

The Blackhawk Mining unit will open the bidding with an initial offer of US$ 50 million. A sale hearing to consider Blackhawk’s offer (or other possible bids, should they come in) is scheduled for 20 August.

Blackhawk operates mines and coal-processing facilities from its headquarters in Lexington, Kentucky.

James River’s Hamden mining complexes, assets of the Logan & Kanawha Coal Co. and the Triad complex are up for sale, according to court filings. The buyer will also assume some liabilities.

James River, based in Richmond, sought bankruptcy protection from creditors in April, listing more than US$ 800 million in debt and US$ 1 billion in assets, according to Bloomberg. Declining coal prices forced the company to idle a dozen mines.

Edited from various sources by Sam Dodson

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