Wyoming Coal Producer Buys Another 7-Day Financial Reprieve
GILLETTE, WY. (AP) — A Wyoming coal producer has bought another seven-day financial reprieve.
The Gillette News Record reports that Gillette-based Cloud Peak Energy Corp., in a filing with the federal Securities and Exchange Commission on Wednesday, says it will need to “restructure its balance sheet” in order to “improve its capital structure.”
Cloud Peak was granted another seven days forbearance on a $1.8 million interest payment originally due March 15.
In addition to securing a forbearance until Tuesday for the $1.8 million payment on debt due in 2024, Cloud Peak said it will miss a $17.4 million payment on its 2021 notes that was due Wednesday. Instead, the company is using a 30-day grace period for that debt that extends the larger interest payment out until May 31.
Information from: The Gillette (Wyo.) News Record, http://www.gillettenewsrecord.com