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Cloud Peak Energy reports on strategic alternatives review

Published by
World Coal,

Cloud Peak Energy Inc., the only pure-play Powder River Basin (PRB) coal company, announced that it has retained Centerview Partners LLC as its investment banker, Vinson & Elkins LLP as its legal advisor, and FTI Consulting, Inc. as its financial advisor to assist the company and its Board of Directors in the company’s review of capital structure and restructuring alternatives. During this review process, the company’s mines will continue normal operations, safely and efficiently meeting our customer commitments.

As disclosed on 13 November 2018, the company’s Board, working together with its management team and legal and financial advisors, commenced a review of strategic alternatives, including a potential sale of the company, and previously engaged J.P. Morgan Securities LLC as its financial advisor and Allen & Overy LLP as legal counsel in connection with exploring sale opportunities.

The company’s Board has not set a specific timetable for this review 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 review process, the company’s Board approved an updated executive retention programme for the company’s senior management team, which replaces the previously announced November 2018 retention programme. Additional information on the retention programme can be found in the company’s Form 8-K filed on 29 January.

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