Cloud Peak Energy: Still Putting Coal In Investors' Stockings [Seeking Alpha]
CLOUD PEAK ENERGY (CLD)
Last cloud peak energy earnings: 3/15 06:04 am
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US:NYSE Investor Relations:
investor.cloudpeakenergy.com
Company Research
Source: Seeking Alpha
In the short time since I raised red flags on Cloud Peak Energy ( CLD ) in April of this year , the value of the equity has collapsed further. Collapse might be an understatement; shares are now 95% off fifty-two week highs. It is pretty clear that the market is now pricing in what it feels is an inevitable bankruptcy. Bulls still seem enamored. Cash flow, even exclusive of working capital, remains positive. I think that’s a red herring. In my mind, the questions facing investors today are twofold, but simple: Does the company have any chance of refinancing its 12% second lien senior notes due 2021? Is there value over and above the debt load in a private party sale? In my opinion, the answer is no to both questions. While Cloud Peak is likely to drag out the inevitable – companies often do – at the end of the day the company will likely end up in a bankruptcy filing. Complicating matters, finding a buyer is unlikely given comp transactions. That means the comm
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