The Navajo Transitional Energy Company (NTEC), an American Indian and minority-owned business, has acquired all of Cloud Peak Energy Incorporated's assets. NTEC was the most qualified bidder after Cloud Peak began searching for a buyer following the launch of its bankruptcy proceedings. The transaction was approved in the first week of October and includes the following mines: Spring Creek coal mine in Montana as well as Antelope and Cordero Rojo coal mines in Wyoming. NTEC said in a company statement it plans to retain all 1,200 employees that work at the mines.