Mining company OKD files for bankruptcy

The mining company OKD has filed for bankruptcy, a spokesperson announced after a board meeting on Tuesday. The Czech government had rejected appeals from the firm – which employs around 10,000 people – for financial support to help it close lossmaking mines and restructure its business. OKD’s mines in North Moravia are set to keep running. CEO Dale Ekmark said the company lacked the funds to carry on and blamed the situation on historically low coal prices.

Author: Ian Willoughby