Third-largest coal producer in the US files for bankruptcy

coal train.

Enlarge / WRIGHT, WY –
OCTOBER 19: Train cars full of 100 tons of coal leave a mine near
Wright, Wyoming on October 19, 2006. Empty cars head to the
facility. (credit: Photo by Andy Nelson/The Christian Science
Monitor via Getty Images)

Cloud Peak Energy, the US’ third-largest coal mining company,
filed for Chapter 11 bankruptcy late last week as the company
missed an extension deadline to make a $1.8 million loan
payment.

In a statement, Cloud Peak said it will continue to operate its
three massive coal mines in Wyoming and Montana while it
goes through the restructuring process
. Colin Marshall, the
president and CEO of the company, said that he believed a sale of
the company’s assets “will provide the best opportunity to maximize
value for Cloud Peak Energy.”

Cloud Peak was one of the few major coal producers who escaped
the significant coal industry downturn between 2015 and 2016. That
bought it a reputation for prudence and business acumen.

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Source: FS – All – Science – News
Third-largest coal producer in the US files for bankruptcy