A Cloud Peak Energy Corp. auction for its Powder River Basin coal assets scheduled yesterday has been pushed back a week until Aug. 15, the Gillette (Wyo.) News Record reported. Under the terms of the company’s chapter 11 reorganization plan, Cloud Peak has control over the bid and sale process, including setting deadlines. The company has pushed back its bid, auction and sale deadlines several times. Thursday’s auction was pushed back from Aug. 1 when it seemed likely both Cloud Peak and Blackjewel LLC would hold auctions on the same day. By resetting its auction to Aug. 15, Cloud Peak Energy also has another opportunity to name a stalking-horse bidder for any or all of its assets, if it chooses. It can do so any time until two days before the auction. Moving the auction date back means those who object to any potential sales have to file them by the next day, Aug. 16. A sale hearing with the U.S. Bankruptcy Court will be held Aug. 19.
