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Stock Market & Financial Investment News

News Breaks
August 20, 2014
09:17 EDTRIO, CLDCloud Peak announces termination of TRA with Rio Tinto
Cloud Peak (CLD) announced it has agreed to pay $45M to Rio Tinto (RIO) to terminate the Tax Receivable Agreement that was established at the time of Cloud Peak Energy’s Initial Public Offering in 2009. Under the acceleration and release agreement with Rio Tinto, this payment settles all future liabilities that would have been owed under the TRA. At June 30, Cloud Peak Energy carried an undiscounted liability of $103M in respect of its estimated future obligations under the TRA and anticipated making cash payments of approximately $14M each year in 2014 and 2015 and additional payments in some subsequent years. The settlement will result in a non-cash gain during the third quarter of approximately $58M before tax and approximately $37M after adjustments to the associated deferred tax assets. Cloud Peak Energy retains the deferred tax assets related to the step up in tax basis as a result of Rio Tinto’s disposal of the business. As such, Cloud Peak Energy will continue to benefit from increased tax depreciation and does not expect any increase in cash income taxes payable as a result of this transaction.
News For CLD;RIO From The Last 14 Days
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July 29, 2015
16:49 EDTCLDCloud Peak reports Q2 EPS (28c), consensus (36c)
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July 16, 2015
20:07 EDTCLDCloud Peak says Q2 shipments reduced due to low seasonal demand, flooding
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20:05 EDTCLDCloud Peak sees Q2 net loss $51M-$54M, Q2 adjusted EBITDA $10M-$12M
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20:02 EDTCLDCloud Peak reports Q2 shipments of 16M tons, sees FY15 shipments of 74M-78M tons
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