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CLD - Cloud Peak: Debt Downgrades Capitulation On Asset Sale?
Cloud Peak Energy Inc
In a quick update to my December coverage on the firm, Moody’s announced yet another downgrade in all of distressed coal miner Cloud Peak (CLD) late in February. Just as was the case last time, I believe it is pretty universally accepted – at least by most market participants – that the common equity will most likely end up worthless. Shares remain at just a fraction of prior highs and just a sliver of market cap remains.
With the common stock on its last breath, bulls have transitioned to seeing value in