Fourth-largest coal producer in the US files for bankruptcy

Enlarge / WRIGHT, WY - OCTOBER 19: Train cars full of 100 tons of coal leave a mine near Wright, Wyoming on October 19, 2006. Empty cars head to the facility. (credit: Photo by Andy Nelson/The Christian Science Monitor via Getty Images)

Cloud Peak Energy, the US' fourth-largest coal mining company, filed for Chapter 11 bankruptcy late last week as the company missed an extension deadline to make a $1.8 million loan payment.

In a statement, Cloud Peak said it will continue to operate its three massive coal mines in Wyoming and Montana while it goes through the restructuring process. Colin Marshall, the president and CEO of the company, said that he believed a sale of the company's assets "will provide the best opportunity to maximize value for Cloud Peak Energy."

Cloud Peak was one of the few major coal producers who escaped the significant coal industry downturn between 2015 and 2016. That bought it a reputation for prudence and business acumen.