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Czech miner NWR's OKD files for insolvency to reorganise

Tue, 3rd May 2016 13:19

PRAGUE, May 3 (Reuters) - Czech hard coal miner New World Resources' (NWR) main business unit OKD has filed for insolvency with the aim to reorganise and maintain viable operations, OKD said on Tuesday.

OKD said it did not have money to cover its liabilities but expected to receive payments from customers in May to keep operations going and pay wages, it said in a statement.

NWR said last week OKD will run out of money by the middle of May and will need to file for insolvency before that unless the Czech government and company creditors agree a takeover or restructuring deal. There has been no agreement so far. (Reporting by Jan Lopatka and Jason Hovet)

(c) Copyright Thomson Reuters 2016. Click For Restrictions -

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