James River Coal Co. filed for chapter 11 bankruptcy protection after struggling with a steep drop in prices and demand for both thermal and steel-making coal, Reuters reported yesterday. The company also said that it would enter into a $110 million debtor-in-possession financing facility with several large financial funds. James River, which expects to continue its mining operations and customer shipments through the restructuring process, said that it would use the new funding to support its business on approval by the bankruptcy court.
