Bloomberg: James River Coal hires adviser on debt, coal shares crushed

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%.

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Comments (13)
  • rjj1960
    , contributor
    Comments (1472) | Send Message
    Another bunch of winners, they should of tried this 2 years ago when they had some value. A pure case of the mgmt collecting all they can and leaving the shareholders out to dry. A good comparison would be the captain of the Titanic looking over the iceberg report as the last life boat was lowered.
    3 Feb 2014, 05:56 PM Reply Like
  • Continental Kid
    , contributor
    Comments (239) | Send Message
    I agree....and yet if they file BK...and survive ...then they will pump out more coal...just to generate revenue.....cratering the remaining coal prices fall...this an ugly sector.....BTU is the strongest....but...this administration is the millstone on their neck
    3 Feb 2014, 06:09 PM Reply Like
  • Mongoose7916
    , contributor
    Comments (233) | Send Message
    Very doubtful they will survive BK only way they should be able to make it is if coal prices bounce pronto which would be bullish for the sector. Coal is definitely seeing a thinning of the herd, probably right before the sector starts to recover.
    3 Feb 2014, 06:14 PM Reply Like
  • IgnisFatuus
    , contributor
    Comments (2761) | Send Message
    A thinning of the herd is one of the necessary requirements for the sector to recover.
    3 Feb 2014, 07:05 PM Reply Like
  • Mongoose7916
    , contributor
    Comments (233) | Send Message
    I dont know that is necessary but you are right it will help speed things along.
    3 Feb 2014, 07:41 PM Reply Like
  • omarbradley
    , contributor
    Comments (966) | Send Message
    i think they'll find the Bankers quite agreeable actually.
    3 Feb 2014, 06:16 PM Reply Like
  • leland spencer
    , contributor
    Comments (8) | Send Message
    Remember when it looked good for Romney to win. Stock went over $5.00. 2015 not far away for a GOP to pull ahead and save the economy from the greenies.
    3 Feb 2014, 06:19 PM Reply Like
  • Falconflight
    , contributor
    Comments (168) | Send Message
    No restructuring of debt for James, and it shouldn't have been allowed for Patriot. Liquidation of their assets imo is the best for the industry.
    3 Feb 2014, 06:45 PM Reply Like
  • moseslarsen
    , contributor
    Comments (753) | Send Message
    Hoping I can bite the bullet and stay with my thesis...long ACI and BTU...regards, Moses
    3 Feb 2014, 10:09 PM Reply Like
  • sethmcs
    , contributor
    Comments (3565) | Send Message
    I looked at JRCC a while ago and determined it most likely would not survive.
    4 Feb 2014, 12:19 AM Reply Like
  • BornIn87
    , contributor
    Comments (111) | Send Message
    I bought some ANR yesterday. Perhaps I acted too soon.
    4 Feb 2014, 08:55 AM Reply Like
  • pauls12345
    , contributor
    Comment (1) | Send Message
    Buy low sell high, JRCC Going Only Up.
    4 Feb 2014, 04:56 PM Reply Like
  • wigit5
    , contributor
    Comments (4365) | Send Message
    lol what an absurd comment pauls12345
    21 Feb 2014, 02:44 PM Reply Like
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