JRC’s selection of JR Acquisition as the lead bidder comes after repeatedly delaying an asset auction.
According to filing in the US Bankruptcy Court, Eastern District of Virginia, a decision by JRC to consider Blackhawk’s offer is due for 20 August.
The sale includes JRC’s Hamden and Triad mining complexes, and Logan & Kanawha Coal assets.
Lexington, Kentucky-based Blackhawk Mining underground continuous miner sections and contour surface mines with a high wall miner in Elkhorn and Fireclay coal seams.
JRC operates subsidiaries across eastern Kentucky, southern West Virginia and southern Indiana. It is engaged in mining and sale of bituminous, steam, metallurgical and industrial-grade coal.
In April, JRC filed for bankruptcy protection, listing more than $800m in debt and $1bn assets. A month later, the company received court approval to borrow around $110m over objections from unsecured creditors, reported Bloomberg.
The company had suspended operations at a dozen mines in the wake of declining coal prices.
