The U.S. District Court of Delaware put the final stamp of approval on the sale of most of Cloud Peak Energy’s assets to the Navajo Transitional Energy Company (NTEC).
Unlike the Blackjewel bankruptcy, Cloud Peak’s mines have continued to mine for coal throughout the chapter 11 process. The sale includes Antelope and Cordero Rojo mines in the Powder River Basin, as well as Spring Creek mine in Montana.
“We are pleased to have this final order approved and look forward to assuming operations in Montana and Wyoming in mid-October,” said NTEC CEO Clark Moseley. “As a company, we have a solid record of returning mines to profitability and doing so as an industry leader in safety and reclamation.”
The final order approving the sale noted that NTEC “presents the best opportunity to realize the value of the purchased assets….and to avoid decline and devaluation of the related business.”
NTEC reported they plan to retain all employees at this time, which numbers 1,200 at the three mines.