Court confirms James River Coal reorganization, directors named

摘要

The United States Bankruptcy Court for the Middle District of Tennessee has confirmed James River Coal's plan of reorganization. The creditors of James River previously voted on the terms of the plan. By claim amount, the plan was approved by 100 per-cent of the secured bank creditors and 88 percent of the unsecured trade creditors voting. The company expects final legal documentation to be completed within the next several weeks. Peter T. Socha, president and CEO of James River Coal, said: "Our goals from the beginning were to complete the process as quickly and as cost effectively as possible, fix our balance sheet and fix our contract portfolio. We believe that we have achieved all three goals. We have completed the bankruptcy process in approximately 13 months and have spent a total of less than 12 hours in court.