cloud peak

Shipments from the Navajo Mine to its only customer Four Corners Power Plant
US Energy Information Administration

After more than nine months of searching for a buyer, Cloud Peak Energy has chosen its winning bidder. U.S. Bankruptcy Court for the District of Delaware Judge Kevin Gross approved the sale today with NTEC taking on all of Cloud Peak's assets including its Antelope and Cordero Rojo mines. 

These ratios for Cloud Peak's mines are not only high, but Cordero Rojo's get's increasingly higher. The higher the ratio, the more dirt is necessary to remove before reaching coal.
SEC Filings

Cloud Peak followed up its Friday bankruptcy filing with insight on what's been going on behind the scenes. Like many assumed, the Gillette-based coal giant did seek out buyers. The company had international investment bank J.P. Morgan lead the search. 

Cover page of Cloud Peak's annual report
U.S. Securities And Exchange Commission

One of the largest coal companies in the country headquartered in Gillette signaled it may soon be filing for Chapter 11 bankruptcy. Cloud Peak Energy released its annual financial statement today saying it did not pay a nearly $2 million interest payment in debt, which now gives them 30 days before defaulting.

 

Stephanie Joyce

Energy industry representatives mingled with lawmakers from Wyoming and other states at last week’s meeting of the Energy Council.

The Council is a Texas-based non-profit, and its membership is made up of lawmakers from twelve states, three Canadian provinces and Venezuela. It holds quarterly meeting to discuss energy issues. Although industry underwrites portions of the events, states also pay about $40,000 a year in dues to be part of the council, in addition to travel and lodging expenses for legislators.