James River also told the court the Richmond, Virginia-based company had $24.9 million in cash and cash equivalents of $77.1 million in restricted cash as of August 31 as it continues to unwind its business. James River and 33 affiliates filed for Chapter 11 reorganization on April 7 in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.

Since then, James River has sold off most of its most valuable coal assets in court-approved sales. Peter Socha, who joined James River in 2003, resigned as chairman and CEO when the Blackhawk deal closed on August 29.

In August, James River reported a gross operating loss of about $28,000. The company had total revenue of about $348,000, including some $328,000 in coal sales. But it cost about $376,000 to produce that coal, the company said.

When it filed for bankruptcy, James River and its subsidiaries entered into a debtor-in-possession agreement that included a $110 million term loan facility from a syndicate of lenders, with Cantor Fitzgerald Securities acting as administrative agent and collateral agent. James River initially borrowed $80 million on April 10, followed by another $30 million on June 13, and had repaid $70 million of the outstanding principal on the DIP facility through August 31. The borrowings were used to fund the operational and working capital needs of James River, along with other bankruptcy case-related costs.

Blackhawk’s $52 million purchase price consisted of $20 million paid to the sellers, a $27 million third lien-secured promissory note delivered to the sellers and a $5 million second lien-secured promissing note delivered to one of James Rivers’ lessors. Blackhawk, based in Lexington, Kentucky, expects the James River acquisition to increase its annual production of thermal and metallurgical coal to more than 9 million tons annually.

On September 24, the Pension Benefit Guaranty Corp., which protects the retirement incomes of more than 44 million American workers, announced that it will pay retirement benefits under James River’s retirement plan up to the legal maximum of $59,320 a year for a 65-year-old retiree.

According to PBGC, the retirement plan is 61% funded with $74 million in assets to pay $121 million in benefits. The agency expects to cover $44.6 million of the $47.1 million shortfall. James Rivers’ pension plan ended on August 31.