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 company said it did not have the money to cover liabilities at the
moment but said it would be able to keep the company running and to pay
wages to employees.
The company spokesman Ivo elechovský made clear that the management
would try and restart talks with the government on the companys
restructuring. L…
Read the full article at: http://www.radio.cz/en/section/business/hard-coal-mining-company-okd-files-for-insolvency