- James River Coal (JRCC) -6.7% AH after plunging nearly 20% in the final half-hour of regular trading on a Bloomberg report that it hired Perella Weinberg Partners to advise on the restructuring of its debt and restructuring advisers including Blackstone have been pitching creditors.
- JRCC, which has closed mines and hasn’t posted an annual net profit since 2010, is among U.S. producers hurt by a decline in coal prices and the natural gas boom; for metallurgical coal used in steelmaking, rising Australian output has helped create a global surplus.
- Other coal producers also fell sharply today: ANR -8.1%, WLT -7.1%, ACI -5.4%, OXF -3.1%, BTU -2.7%, RNO -1.4%, CNX -1.2%.
Bloomberg: James River Coal hires adviser on debt, coal shares crushed
Feb 3 2014, 17:39 ET