Financially troubled producer James River Coal has quietly confirmed that it no longer has mining operations after selling its remaining Central Appalachia assets to privately held Revelation Energy LLC in a $2 million cash deal.
James River said in an 8-K filing with the U.S. Securities and Exchange Commission, filed as part of its ongoing bankruptcy case, that Revelation Energy was selected as a stalking horse bidder for the Bell and Bledsoe thermal complexes as well as undisclosed assets of the Laurel Mountain Resources subsidiary.
The United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division, entered an order approving the asset purchase agreement on December 29, 2014, the January 12 filing confirmed. The sale closed on December 31.
Last August, a $52 million bid was accepted from Blackhawk Mining’s JR Acquisition for its Hampden, Hazard and Triad Mining assets.
The purchase of Hampden also included the assets of Logan and Kanawha Coal Co., but the purchase of Hazard did not include Laurel Mountain Resources.
James River and 33 affiliates first filed for Chapter 11 bankruptcy reorganization in April 2014.