PRAGUE, July 27 The Czech government approved a
700 million crown ($29 million) loan to help keep afloat hard
coal miner OKD, an insolvent unit of New World Resources
, the prime minister and industry minister
said on Wednesday.
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.
The company has been scrambling for cash to pay miners’
wages in recent months as it goes through insolvency proceedings
with the aim of reorganising and government ministers debate how
to help the firm.
On Wednesday, the cabinet agreed to extend the loan through
state firm Prisko, givin…
Read the full article at: http://in.reuters.com/article/czech-okd-idINL8N1AD88D
