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 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, giving OKD, which employs around 12,500 and mined 8 million tonnes in 2015, enough cash until the end of the year. Read more. (Subscription required.)