Cloud Peak Power, the US’ third-largest coal mining firm, filed for Chapter 11 chapter late final week as the corporate missed an extension deadline to make a $1.eight million mortgage cost.
In a press release, Cloud Peak mentioned it should proceed to function its three large coal mines in Wyoming and Montana whereas it goes by means of the restructuring course of. Colin Marshall, the president and CEO of the corporate, mentioned that he believed a sale of the corporate’s property “will present the very best alternative to maximise worth for Cloud Peak Power.”
Cloud Peak was one of many few main coal producers who escaped the numerous coal business downturn between 2015 and 2016. That purchased it a status for prudence and enterprise acumen.
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