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GILLETTE, Wyo.- One of the last major coal companies operating in Montana and Wyoming declared bankruptcy on Friday.
Cloud Peak Energy, which operates three coal mines in the Powder River Basin, filed Chapter 11 of the bankruptcy Friday in federal Delaware court.
The company's Gillette, Wy. Based company has announced plans to continue normal operations while reorganizing itself and trying to find a buyer for their operations.
This announcement comes about two months after Cloud Peak asked to withdraw its stock from the New York Exchange rating because of its low prices and six months after the company announced that it was trying to find a buyer capable of bring him money.
The company has also struggled to pay Wyoming local governments in recent weeks, according to the Associated Press.
"As we begin this process, Cloud Peak Energy remains a reliable source of high quality coal for our customers," Cloud Peak CEO Colin Marshall said in a news release. "We thank our employees for their hard work and dedication and appreciate the cooperation of our business partners and the support of our customers throughout this process."
Cloud Peak operates the Antelope and Cordero Rojo mines in Wyoming and the Decker Mine in Montana.
Like other coal companies, Cloud Peak fought against the forces of the market that moved away from coal. Faced with declining domestic demand, Cloud Peak has tried to pull out of the game for exports and holds a stake in the Millennium Bulk Terminals coal dock project in Washington State.
This project has not yet started after years of regulatory struggles, changes of ownership and declining Asian demand.
Cloud Peak is the fourth largest coal company in the region to go bankrupt in recent years after Arch Coal, Peabody Coal and Westmoreland Coal.
Related: Cloud Peak Energy representatives in Wyoming plan to sell their company
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