Bankruptcy court approves selling Cloud Peak Energy

Photo: MGN Online

GILLETTE, Wyo. (AP) - A federal bankruptcy court has approved a schedule for selling a financially struggling coal company with mines in the Powder River Basin of Wyoming and Montana.

The Gillette News Record reports that bids for Cloud Peak Energy's assets will be accepted until 3 p.m. July 8. If necessary, an auction will be held July 11. A final hearing on approving a potential sale has been set for July 18.

Cloud Peak operates the Antelope and Cordero Rojo coal mines in Wyoming and the Spring Creek mine in southern Montana. It's being forced to sell its assets to cover nearly $400 million in outstanding debt.

Rob Godby of the University of Wyoming Center for Energy, Economics and Public Policy says it's difficult to tell how much interest there will be.