Prior to filing for bankruptcy, the company approached more than 20 potential buyers in an attempt to sell off assets to avoid bankruptcy and there were no takers, he said. When it comes to the upcoming bid process, there’s no guarantee there will be a bidder for all of the company’s assets.

Considering the three mines as the main assets, it’s clear that Antelope is the jewel of the group, Godby said. It produces more coal, better quality coal and still has active contracts.

“That one, Antelope, should get some good interest,” he said.

It could be difficult finding a buyer for Cordero Rojo, however, Godby said. It’s a lower producing mine and its coal isn’t as high quality. As overall production from the Powder River Basin shrinks and contracts for PRB coal becomes a more competitive process, it’s possible that mine may not generate any serious bids.

“It could be at the end of the day that (Cordero Rojo) is the one people are betting on in Wyoming that could have some problems (finding a buyer),” he said. “It’s pretty obvious why: lower-quality coal, higher costs and Antelope is right down the road.”