JW Resources Inc. filed for chapter 11 protection yesterday, the latest coal miner to seek court protection during troubles in the industry, Dow Jones Daily Bankruptcy Review reported today. The Knoxville, Tenn., company said in court papers that the decline in demand for coal and a "dramatic" increase in coal mining costs have kept it from meeting its secured debt obligations and left it struggling to operate. Unable to find new financing to sustain itself, JW Resources said it would use its time in bankruptcy to find a buyer through a court-supervised auction process. JW Resources reported assets in the range of $1 million to $10 million and debts in the range of $50 million to $100 million in its bankruptcy petition, filed in bankruptcy court.
