James River Coal Company (JRCC) has filed for Chapter 11 bankruptcy along with its subsidiaries.
The company is planning on creating a turnaround plan to help reverse its shortcomings in the mining industry. James River Coal Company’s mining operations and customer shipments are expected to operate as usual during the restructuring process.
“We have made a number of large and significant changes to our mine operations and administrative overhead in response to the changes in the coal markets,” said James River CEO Peter T. Socha. “Now we need to adjust our balance sheet and debt structure to align ourselves to the new industry.”
JRCC stock is down 4.32% at closing Monday.