The committed and binding bid, which is subject to approval from the U.S. Bankruptcy Court, also includes assumption of certain environmental and other liabilities. The purchase of Hampden includes the assets of Logan & Kanawha Coal Co., and the purchase of Hazard Mining does not include Laurel Mountain Resources.
Combined, the three complexes currently employ more than 900 workers in West Virginia, Kentucky and Indiana.
JR Acquisition was originally selected as the stalking horse bidder in advance of an auction held on August 18 through August 21, required under Bankruptcy Court-approved bidding and auction procedures. The three-day auction included multiple bids by multiple bidders; JRC said that, ultimately, the stalking horse bidder’s winning bid included numerous structural enhancements and price improvements from the original offer.
Neither James River nor Blackhawk offered further comment on the sale, which is expected to close on or about August 29 pending customary closing conditions.
A Bankruptcy Court hearing is scheduled for August 26 to consider approval of the sale.