James River Coal Company faces changing dynamics in the coal industry and has filed for bankruptcy protection, in order to restructure its balance sheet and continue operations. In other news, CONSOL energy reported its first quarter production data and outlook for the full year James River Coal Files For Bankruptcy Protection Yesterday, James River Coal Company (JRCC) as well as its 33 subsidiaries filed for Chapter 11 bankruptcy protection under the US Bankruptcy code in the US Bankruptcy Court for the Eastern District of Virginia. The stock price of the Richmond, Virginia-based company plummeted 48.3% in after-hours trading to $0.37. James River is involved in the production of thermal and metallurgical coal. The company has been hampered by lower demand of thermal coal from domestic electric utility companies in recent years. Electricity production has shifted from thermal coal to natural gas as a consequence of the shale gas boom, which has caused natural gas prices to decline making it a more viable option for utility companies. The company generated around 44% of its total revenues of $1.1 billion from sales of thermal coal to electricity producers in fiscal 2012 (FY12; ended December 31, 2012), with the rest coming from industrial and other companies.