Fourth-largest coal producer in the US files for bankruptcy

[krispos42]

Source: ArsTechnica

Cloud Peak Energy, the US' fourth-largest coal mining company, filed for Chapter 11 bankruptcy late last week as the company missed an extension deadline to make a $1.8 million loan payment.

In a statement, Cloud Peak said it will continue to operate its three massive coal mines in Wyoming and Montana while it goes through the restructuring process. Colin Marshall, the president and CEO of the company, said that he believed a sale of the company's assets "will provide the best opportunity to maximize value for Cloud Peak Energy."

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But thinning margins have strained the mining company as customers for thermal coal continue to dry up. Coal-fired electricity is expected to fall this summer, even though summer months are usually boom times for coal plants as air conditioning bolsters electricity demand. That's because cheap natural gas and a boost in renewable capacity have displaced dirtier, more expensive coal.

Read more: https://arstechnica.com/information-technology/2019/05/third-largest-coal-producer-in-the-us-files-for-bankruptcy/?utm_source=fark&utm_medium=website&utm_content=link&ICID=ref_fark

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Grumpycat "Good".

[msongs]

1. cheating all its creditors and people who invested in it, and workers too of course nt

[progree]

2. This way they get to escape responsibility for cleanup

According to the Star Tribune, a Wyoming landowner's group called the Powder River Resource Council echoed some concerns about Cloud Peak's ability to pay for mine reclamation after its bankruptcy. “We are gravely concerned that employees’ and retirees’ pensions and healthcare benefits will be taken away, and that millions of dollars of ad valorem taxes owed to Wyoming counties for coal already produced will be left unpaid,” wrote the council's vice chairman, Bob LeResche, in a statement. “Our greatest fear is that reclamation of Cloud Peak’s large mines will cease, and that financial assurances required by law will prove inadequate.”

[Yo_Mama_Been_Loggin]

5. Trumponomics

[Duppers]

3. Grumpycat 👍

[Roy Rolling]

4. "Art of the Deal"

Rob the land of its resources, promise to fill the hole when you're done. It doesn't work on the company income statements. Once the profit is gone, who's left to fill the hole? A filling-the-hole-for-free company? And there is the definition of "corporations are people"---greedy people like Trump and Romney.

Businesses are about profit, not charity.