A court declared Czech hard coal miner OKD bankrupt on May 9. The move leaves creditors two months to file claims, with a meeting set for August 10. Meanwhile, the future of the companys 13,000 or so employees rests with the state, with the court saying OKD could be broken up or restructured.
New World Resources (NWR), the holding that owns OKD, announced on May 3 that it had filed for insolvency of the key unit OKD, and the following day suspended trading in its shares in London, with Prague and Warsaw following. The IPO of NWR in 2008 was formerly the biggest on the Czech bourse; NWR has said investors are unlikely to see any return.
The bankruptcy comes after months of tussle between NWR owner Ad Hoc Group (A…
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