Navajo Nation firm's purchase of Wyoming, Montana coal mines approved by judge
GILLETTE, Wyo. — A judge on Monday approved the sale of three mines in Wyoming and Montana owned by a bankrupt coal company, helping to keep the mines open and allow repayment of debt.
New Mexico-based Navajo Transitional Energy Co. will pay Wyoming-based Cloud Peak Energy Corp. $15.7 million under the deal approved by U.S. Bankruptcy Judge Kevin Gross in Delaware.
The company, owned by the Navajo Nation, will assume Cloud Peak’s debts. That includes a $40 million, second-lien promissory note and up to $20 million in debts accrued since Cloud Peak filed for Chapter 11 reorganization bankruptcy May 10, the Gillette News-Record reports.
Navajo Transitional also will pay Cloud Peak’s tax liabilities, make royalty payments and assume all obligations to reclaim the mines if they close.
Read more: https://www.santafenewmexican.com/news/navajo-nation-firm-s-purchase-of-wyoming-montana-coal-mines/article_12c79233-8922-55f1-9c65-b76af2bc2ce4.html