Boston, MA 05/22/2013 (wallstreetpr) – The share prices of James River Coal Company (NASDAQ:JRCC) increased by 11.39 percent to close at $3.13 per share for the trading session. The company holds a market capitalization of $112.24 million and the average trading volume for James River Coal Company (NASDAQ:JRCC) is 1.38 million shares per day. However, the last trading session witnessed a surge of four times in the trading volume of James River Coal Company (NASDAQ:JRCC), which involved the exchange of 5.19 million shares for the day.
James River Coal Company (NASDAQ:JRCC) is involved in the production of fuel in the MidWest and Central Appalachia and had recently announced its consent to exchange $243.3 million of convertible notes for $123.3 million of new notes. This exchange of convertible notes is due in the year 2018. Considering the challenges presented by the coal markets in the recent years, the decision of James River Coal Company (NASDAQ:JRCC) to complete its requirements which are due in 2015 proves to be a remarkable decision.
As the demand for coal fuel in the United States had gradually declines, James River Coal Company (NASDAQ:JRCC) had recently closed down its operations at five underground mines and had also reduced exploration and production in its other locations. Owing to mild weather and intense competition from natural gas, the consumption of coal fuel in United States had remarkably declined. James River Coal Company (NASDAQ:JRCC) had reported net loss in its financial reports consecutively for the past seven quarters and holds a debt of $451.9 million as of March 31, 2013.
