Wyoming-Based Coal Company Gets Another Payment Extension
GILLETTE, Wyo. (AP) — A Wyoming-based coal company has received another extension to make a $1.8 million payment on a loan.
Gillette-based Cloud Peak Energy disclosed in a U.S. Securities and Exchange Commission filing Wednesday it reached an agreement to make the payment by the end of the day Friday or go into default.
The payment originally was due in March. Nonpayment has raised expectations that Cloud Peak Energy faces bankruptcy.
The Gillette News-Record reports the company got three previous extensions.
Cloud Peak owns the Antelope, Cordero Rojo and Spring Creek mines in Wyoming and Montana. The Powder River Basin coal industry has been struggling with declining demand for coal-fired power as utility companies turn to natural gas-fired power plants and renewable energy.