Czech coal miner OKD, the
insolvent unit of New World Resources (NWR) ,
urgently needs a state loan of up to 1 billion crowns ($42.1
million) to keep operating, Industry Minister Jan Mladek said on
Wednesday.
Mladek, in a statement, said that a state-backed loan was
the only option for OKD to secure financing to keep operating
this month.
OKD, a major employer in the Czech Republic’s industrial
northeast, was declared insolvent by a court in May after its
owners failed to secure government aid to help it through a
sharp fall in global coal prices.
With around 13,000 jobs at risk, the government is now
looking to keep the miner operational for some time.
Mladek said the company needed operating capital of…
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