Today in a Delaware bankruptcy court, a federal judge approved Cloud Peak Energy’s plan to get out of bankruptcy. A critical part of the plan is the sale of mines and other property to the Navajo Transitional Energy Company (NTEC), a company wholly owned by the Navajo Nation.
In response to the bankruptcy court decision, Western Organization of Resource Councils and Powder River Basin Resource Council Board Member Bob LeResche made the following statement:
“The technical end of bankruptcy is far from the end of problems for Cloud Peak Energy, Wyoming, and Montana. Notably, until NTEC provides financial assurances and waives sovereign immunity to receive state mining permits and federal coal leases, Cloud Peak is still responsible for all reclamation costs at the mines.
“Additionally, NTEC’s track record so far gives us pause. In late October, NTEC chose to immediately close its Montana mine for two days rather than waive its claim to sovereign immunity and follow the law like every other coal company.
Read the full statement here.
