https://www.miningweekly.com

James River Coal mulls a sale

James River Coal mulls a sale

Photo by Reuters

7th February 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Coal miner James River Coal on Friday revealed that it was exploring and evaluating potential strategic alternatives for the company, which might include a capital investment through debt and/or equity securities, or a sale of all or one or more portions of the company.

In order to launch this process, the Nasdaq-listed company had amended its revolving credit agreement, which would provide it with continued access to funds during the strategic review process.

To assist in the process of identifying, evaluating and pursuing potential strategic alternatives, the company had engaged Perella Weinberg Partners as restructuring adviser, Deutsche Bank Securities as merger and acquisitions adviser and Davis Polk & Wardwell as legal adviser.

James River said that it had not decided to pursue any specific transaction or other strategic alternative.

The company has operations in Central Appalachia and the Illinois basin, and sells metallurgical, bituminous steam and industrial-grade coal to electric utility companies and industrial customers both domestically and internationally.

Last year, the company shuttered several coal mines to cut costs.

In November, it idled four of its Central Appalachian coal mines, as continued weak coal prices haemorrhaged the company’s third-quarter results. The Richmond, Virginia-based company idled two underground and two surface mines at its Buckeye complex, and furloughed about 200 employees and contractors. The company stated that it expected the complex, which produced one-million tons in the first nine months of the year, to restart in 2014 depending on market conditions.

James River in October idled coal production at its McCoy Elkhorn operations, Bledsoe coal operations and Long Branch surface operations, owing to the continued soft coal market.

Edited by Creamer Media Reporter

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.148 0.186s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: