Cloud Peak Energy wins interim access to $10 million of DIP financing

By Caroline Salls

Pittsburgh, May 15 – Cloud Peak Energy Inc. obtained court approval to access $10 million of a proposed $35 million of debtor-in-possession financing on an interim basis, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Ankura Trust Co., LLC is the administrative and collateral agent.

Interest will accrue at the Base rate plus 800 basis points or Libor plus 900 bps.

The facility will mature on the earliest of Feb. 15, 2020, conversion or dismissal of Cloud Peak’s Chapter 11 cases, appointment of a trustee or examiner, closing of a sale of the company’s assets and the effective date of a Chapter 11 plan.

Cloud Peak is a Gillette, Wyo., coal mining company. The company filed bankruptcy on May 10 under Chapter 11 case number 19-11047.

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