According to report from Richmond Times-Dispatch, James River Coal, which filed for Chapter 11 bankruptcy protection on April 7, said it could no longer sustain its debt load after a steep decline in prices and demand for the coal it mines in the central Appalachian region.

According to the report, the company, which is continuing operations under bankruptcy court oversight, has been working with advisers for three months to find potential buyers for its business or to obtain a capital investment. The company is seeking preliminary indications of interest by May 22, with a bidding deadline of June 30, according to filings with the U.S. Bankruptcy Court in Richmond.

To read the full Richmond Times-Dispatch report, click here.