This meant that Cloud Peak did not face layoffs and uncertainty in 2015 and 2016 like its competitors. But the company also did not lighten its liabilities through the bankruptcy process. The post-bankruptcy players in Wyoming have fared better than Cloud Peak since the downturn, in part, experts say, because companies like Arch Coal and Peabody are now nimbler in the difficult coal environment due to their slimmer balance sheet.

The Altman Z-score, a rubric used to gauge a company’s risk of bankruptcy, placed Cloud Peak in the distress zone as of Thursday, indicating a possibility of bankruptcy within two years.

Cloud Peak executives have been frank about the challenge of the market during investor calls in recent years. The company has made a number of decisions that are concerning for coal watchers, recently cutting health benefits for retirees, which slashes its costs and allows for more revenue to flow to shareholders despite the challenging market conditions. The company also announced its plan to close its Gillette office and move employees to a mine site in Wyoming.

In an email to employees at the time, CEO Colin Marshall said that he understood changes created uncertainty for workers, but that they were necessary steps for Cloud Peak to grapple with the new normal in the thermal coal sector.