RICHMOND, Va. —
James River Coal Co. intends to sell parts or all of its business at an auction in July.
The Richmond-based company filed for Chapter 11 bankruptcy protection earlier this month as it faced challenges from the weak economy, environmental regulations and competition from natural gas.
The Richmond Times-Dispatch reports that James River Coal has been working with advisers for three months to find potential buyers for its business or to obtain a capital investment.
According to court filings, the company is seeking preliminary indications of interest by May 22, with a bidding deadline of June 30.
The auction would be July 8, with a sale hearing in court on July 11.
The company mines coal used to produce steel and for power generation in Kentucky, West Virginia and Indiana.