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Cloud Peak Chapter 11 Reorganization Approved

Coal News - Published on Mon, 09 Dec 2019

Image Source: Cloud Peak Chapter 11
US Bankruptcy Judge Kevin Gross in Delaware has approved Cloud Peak's Chapter 11 reorganization, which includes the sale of its Antelope and Cordero Rojo mines in Wyoming and Spring Creek mine in Montana to New Mexico based Navajo Transitional Energy Co, which agreed to pay USD 15.7 million for the mines while assuming certain Cloud Peak debts in October.

Gillette based Cloud Peak filed for bankruptcy in May. In 2018, the company was the third-highest-producing coal producer in the US, after Peabody Energy and Arch Coal, both based in St Louis. The bankruptcy was part of what's been a tumultuous year for the Powder River Basin coal industry. Milton, West Virginia-based Blackjewel's bankruptcy in July substantially shut down two major Wyoming mines for four months. Peabody and Arch meanwhile agreed to merge their basin operations.

Cloud Peak Energy Inc is headquartered in Wyoming and is the only pure-play Powder River Basin coal company. Cloud Peak Energy mines low sulfur, subbituminous coal and provides logistics supply services. The Company owns and operates three surface coal mines in the PRB, the lowest cost major coal producing region in the nation. The Antelope and Cordero Rojo mines are located in Wyoming and the Spring Creek Mine is located in Montana. In 2018, Cloud Peak Energy sold approximately 50 million tons from its three mines to customers located throughout the US and around the world.

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Posted By : Yogender Pancholi on Mon, 09 Dec 2019
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