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Czech News in English » Business » Hard coal mining company OKD files for insolvency

Hard coal mining company OKD files for insolvency

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The OKD hard coal company, belonging to New World Resources which is in controlled by the by the so-called Ad Hoc Group, filed for insolvency on Tuesday; the move had been expected after the government made clear last week it would not step in to help the long-ailing firm. The company issued a statement that it had filed with an aim to “restructure the company and maintain viable operations”. The government expressed a commitment to help miners who could soon be out of work.

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