Cloud Peak Engaged With 21 Potential Buyers, Didn't Pay County Taxes
Cloud Peak followed up its Friday bankruptcy filing with insight on what's been going on behind the scenes. Like many assumed, the Gillette-based coal giant did seek out buyers. The company had international investment bank J.P. Morgan lead the search.
J.P. Morgan engaged with 21 potentially interested parties and only ended up with one proposal. That wasn't acted on due to significant risk.
In the past few weeks, Cloud Peak has confidentially communicated with potentially interested parties. The company is looking to sell all or nearly all of its assets.
Meanwhile, filings show Cloud Peak could run out of money by the end of this month. With no cash on hand, the company did not pay its $8.3 million ad valorem tax bill to Campbell County. The majority of those funds go to Wyoming's state-wide education fund. Gillette Senator Michael Von Flatern said the taxes are his biggest concern.
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