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US coal miner Cloud Peak receives second debt extension, payment due by May 1 or faces default

Houston — US coal producer Cloud Peak Energy has gained a second extension after refusing to make its interest payment for its 2024 debts on April 14, following an initial 30-day extension on the payment originally due March 15, a filing from the company said Monday.

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The Powder River Basin producer entered a forbearance agreement with its lenders, according to the Securities Exchange Commission filing, allowing Cloud Peak until May 1 to make the payment of $1.8 million before defaulting.

Additionally, Cloud Peak has an interest payment of $17.4 million due on May 1, although the producer may take advantage of a 30-day grace period.

The producer currently remains engaged in a review of its capital structure and is focused on restructuring alternatives, according to the filing, while mining operations and reclamation activity are expected to continue as normal.

-- Olivia Kalb, olivia.kalb@spglobal.com

-- Edited by Derek Sands, newsdesk@spglobal.com