2nd Powder River Basin Coal Company In As Many Months Files For Bankruptcy

[hatrack]

Blackjewel LLC, a subsidiary of Revelation Energy, filed for Chapter 11 protection today, becoming the second Powder River Basin coal company in as many months to declare bankruptcy. The move throws America's largest coal mining basin into further flux. The Powder River Basin in Montana and Wyoming accounts for more than 40% of U.S. coal production.

Blackjewel joins Cloud Peak Energy as the second large mining company in the region to declare bankruptcy. The announcement follows on the heels of Arch Coal and Peabody Energy's move last month to combine their operations in the basin.

The Chapter 11 filing came as coal plants nationally continue to shut down in the face of stiff competition from natural gas and renewables. Blackjewel filed for bankruptcy protection after failing to renegotiate a $34 million loan with a creditor, Riverstone Credit Partners.

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But bankruptcy filings show the company is facing a cash crunch. The company reported it was entering July with $138,000 in its bank account. It listed $156 million in trade debts. Riverstone was its largest secured creditor, with $34 million. Government institutions were the company's largest unsecured creditors. Blackjewel listed $60 million in royalty payments to the Interior Department, as well as $37 million in taxes to Campbell County, Wyo., and $11.6 million to the Wyoming Department of Revenue.

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https://www.eenews.net/eenewspm/2019/07/01/stories/1060682427

[RainCaster]

1. Notice who is missing payments

One group who hasn't been paid yet is the government. The money we are owed for all that ecological destruction.
These clowns spent their way in to the poor house-- they owe hundreds of millions, but only have a hundred thousand in the bank. They knew this was coming a long time ago, and it looks like they rode it right into the ground.

[Wellstone ruled]

2. Standard Operating Procedure.

Last month Montana Light and Power announced the closing of two Power Plants because of failure to produce a profit. Wind Solar Gas and water Power are eating their lunch.