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Wyoming Coal Producer had $718M Loss in 2018

Wyoming Coal Producer had $718M Loss in 2018

Wyoming Coal Producer had $718M loss in 2018


The Associated Press - March 17, 2019

GILLETTE, Wyo. --A year-end financial report indicates a Wyoming coal producer could be 30 days away from declaring bankruptcy following a $718 million loss and a failure to renegotiate with creditors.

The Gillette News Record reports that Cloud Peak Energy in its financial report Friday says its reclamation bond holders are demanding more collateral, and it can't make interest payments on its more than $350 million of debt.

Robert Godby, professor at the University of Wyoming's Department of Economics and Finance, says the Gilllette-based company will likely file for bankrupty if it's unable to find the credit in the next 30 days.

According to the report, the company has about $407 million of reclamation bonds backed by nearly $26 million letters of credit.



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