On Tuesday in Manhattan, James River Coal Co., is scheduled to auction itself off at the offices of its bankruptcy counsel, Davis Polk & Wardwell LLP.
Originally scheduled to hold the auction on July 8, James River has been wavering among reorganizing, selling its assets or liquidating.
Even with the uncertainty, James River said in a filing last month that several “potential strategic and financial bidders” have shown interest in the company.
James River filed for bankruptcy in April in Richmond, Va., after skipping an interest payment on its debt amid mounting losses and tight liquidity. The coal industry, including James River, has experienced sharp declines as the cost of natural gas—a competing energy source—has fallen and as gas demand has risen in the U.S.
The company, which ships coal to electricity generators, industrial users and steel companies, entered bankruptcy with more than $800 million in overall debt.
Tuesday in Manhattan, LightSquared will update its bankruptcy judge on its newest reorganization plan.
Expected to be filed Monday, the proposal will include participation from Dish Network Corp. Chairman Charlie Ergen, LightSquared said at a hearing last week.