PRAGUE, May 3 (Reuters) - Czech hard coal miner New WorldResources' (NWR) main business unit OKD hasfiled for insolvency with the aim to reorganise and maintainviable operations, OKD said on Tuesday.
OKD said it did not have money to cover its liabilities butexpected to receive payments from customers in May to keepoperations going and pay wages, it said in a statement.
NWR said last week OKD will run out of money by the middleof May and will need to file for insolvency before that unlessthe Czech government and company creditors agree a takeover orrestructuring deal. There has been no agreement so far. (Reporting by Jan Lopatka and Jason Hovet)