Company officials failed the payment on $230 million in senior convertible notes, due 2018, while citing a 30-day grace period, according to a filing quoted by Bloomberg News. James River further delayed its annual 10-K filings; it had a long-term debt of $425.4 million and $60.2 million in cash and cash equivalents as of Q3.
The Richmond, VA-based James River has idled three of its eight mining complexes in Central Appalachia since then, and hasn’t posted an annual net profit since 2010. Australian metallurgical coal output has also impacted profits by bolstering a surplus leading to depressed prices globally.
