Cloud Peak Energy Inc., one of the largest US coal producers and the only pure-play Powder River Basin (PRB) coal company, announced that its Board of Directors, working together with the company’s management team and legal and financial advisors, has commenced a review of strategic alternatives, including a potential sale of the company. The company has engaged J.P. Morgan Securities LLC as its financial advisor and Allen & Overy LLP as legal counsel in connection with the strategic alternatives review.
Colin Marshall, President and Chief Executive Officer of Cloud Peak Energy, commented: “While our Board is undertaking this strategic review, Cloud Peak Energy remains focused on executing against our operational and financial priorities. We will continue to adjust our business to the structural changes in the US coal industry and to position our company for future growth opportunities.”
The company's Board of Directors has not made any decisions related to any transactions at this time and there can be no assurance that the exploration of strategic alternatives will result in any transaction. The Board has not set a specific timetable for its process and the company does not intend to provide updates unless or until it determines that further disclosure is appropriate or necessary. In connection with this strategic review process, the Compensation Committee of the Board approved an executive retention program through July 2020 for the senior management team, as further described in the company’s Form 8-K filed on 13 November.
Read the article online at: https://www.worldcoal.com/coal/14112018/cloud-peak-commences-review-of-strategic-alternatives/