Czech Republic

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Czech Government Approves Loan To Help Miner OKD

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, Reuters reported. OKD, a major employer i ...

Daily Headline - global.abi.org - 07/27/2016 - 21:05 - 0 comments

Czech Corruption Police Investigating Financial Operations at OKD Mining Company

The Czech corruption police investigate the financial management of the OKD black-coal mining company, which was declared insolvent in May and has debts worth billions of crowns, the Czech News Agency has found in the insolvency register. Detectives from ...

Daily Headline - abi_admin - 07/18/2016 - 11:11 - 0 comments

Czech Industry Minister Says NWR's Mining Arm Needs $42 Million Loan To Keep Operating

Czech coal miner OKD, the insolvent unit of New World Resources (NWR), urgently needs a state loan of up to 1 billion crowns ($42.1 million) to keep operating, Industry Minister Jan Mladek said on Wednesday, Reuters reported. Mladek, in a statement, said ...

Daily Headline - global.abi.org - 06/08/2016 - 19:09 - 0 comments

Czech Unions Join Investors To Bid For Insolvent NWR Arm

Czech miners' unions have teamed up with lignite mine owner Pavel Tykac and another investor to make on offer for New World Resources' insolvent mining subsidiary OKD, the unions said on Monday. The unions did not give any details of their offe ...

Daily Headline - global.abi.org - 05/23/2016 - 23:13 - 0 comments

Once Largest Prague IPO, Miner NWR Sees Break Up Prospects

New World Resources Plc, which entered the Prague Stock Exchange eight years ago as the largest Czech equity offering ever, may become the country’s biggest corporate failure in at least a decade, Bloomberg News reported. The mining company, controlled b ...

Daily Headline - global.abi.org - 05/04/2016 - 19:50 - 0 comments

Czech Miner NWR's Main Business Files For Insolvency

The main business of Czech coal miner New World Resources (NWR) filed for insolvency on Tuesday after failing to secure government aid, but could still agree a reorganisation plan to stay afloat, Reuters reported. The business, OKD, which owns the countr ...

Daily Headline - global.abi.org - 05/03/2016 - 19:30 - 0 comments

Coal Miner NWR Faces Insolvency Or Buyout At Lower Price

($137.72 million), cleared of most debt. The company has been trying to reach a restructuring and state aid ...

Daily Headline - global.abi.org - 05/02/2016 - 20:04 - 0 comments

Article from INSOL Europe (18 - 24 April 2016) GlobalINSOLvency Editorial Board

The Czech Supreme Court recently issued two decisions having a significant impact on the position of secured creditors (i.e. generally financial institutions) within insolvency proceedings. Both decisions stem from one of the first major insolvencies con ...

Resource Article - twallace@abiwor... - 04/19/2016 - 12:50 - 0 comments - 1 attachment

Czech Miner NWR Creditors Push For Aid Deal To Avoid Insolvency

Creditors of troubled Czech hard coal miner New World Resources pushed on Sunday for a quick agreement with the government on state aid for its main operating subsidiary OKD to avoid its bankruptcy, saying a deal was needed next week. The firm's mai ...

Daily Headline - global.abi.org - 04/10/2016 - 18:20 - 0 comments

Czech Industry Minister Says Offered Sale Of Miner NWR Shares And Debt

Czech Industry and Trade Minister Jan Mladek offered last week that current owners sell 100 percent stake in the operating unit OKD of troubled miner New World Resources as well as most of the group's debt but majority owners and creditors rejected ...

Daily Headline - global.abi.org - 04/07/2016 - 20:50 - 0 comments

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