James River Files Bankruptcy After Price Drops Idle Mines
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James River Coal Co., which operates in the U.S. Midwest and Appalachia, filed for bankruptcy for a second time, listing $818.7 million in debt, after declining prices caused it to idle a dozen mines.
Booming natural-gas output from shale rock in recent years has spurred some electric utilities to switch to gas. And rising Australian output of metallurgical coal used in steelmaking has helped create a global surplus and depressed prices.