Wyoming Energy Company’s Asset Auction Delayed for 2nd Time

Wyoming News August 9, 2019

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Wyoming Energy Company’s Asset Auction Delayed for 2nd Time

GILLETTE, WY. (AP) — A scheduled auction of a Wyoming energy company’s assets has been delayed again.

The Gillette News Record reports the Thursday auction for Cloud Peak Energy Corp. has been rescheduled for Aug. 15.

The Gillette-based firm operates the Antelope and Cordero Rojo coal mines in Wyoming and the Spring Creek mine in southern Montana.

The company is selling its assets to cover nearly $400 million in outstanding debt.

The company’s Chapter 11 bankruptcy reorganization plan gives Cloud Peak control over the bid and sale process, including setting deadlines.

Thursday’s auction was originally scheduled for Aug. 1 before Cloud Peak filed a motion to push back the date.

Rescheduling to Aug. 15 gives Cloud Peak another opportunity to name a stalking horse bidder for any or all of its assets.

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Information from: The Gillette (Wyo.) News Record, http://www.gillettenewsrecord.com

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