Ad Hoc Group considering insolvency procedures for hard coal mining company OKD

The Ad Hoc Group, which controls New World Resources, is considering a declaration of insolvency of the hard coal mining company OKD as early as this Friday unless the government steps in to help. A meeting between both sides was scheduled this Monday. Ad Hoc Group took control of NWR in February but on Monday said it would not continue to waive a deadline for seeking debt repayments from the ailing mining firm. On Sunday, the Ad Hoc Group reportedly offered to sell OKD for less than 150 million euros, the equivalent of less than four billion crowns. Industry and Trade Minister Jan Mládek said the real value of the company was far less and he couldn’t imagine why the government would buy at such a price. OKD currently employs almost 10,000 people, and also provides additional jobs in the sector for suppliers and various other companies.