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May 13, 2019

Coal company files for bankruptcy

GILLETTE, Wyo. (AP) — The nation's third-largest coal company by production volume filed for bankruptcy Friday as utility companies increasingly turn to gas-fired generation and renewable energy for electricity.

Gillette-based Cloud Peak Energy filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Delaware. The move was widely expected since at least March, when the company received the first of several extensions to make a $1.8 million loan payment. The latest extension expired Friday.


 
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