Czech state increases share capital of troubled coal miner OKD

The Czech state has increased the share capital of troubled coal miner OKD by 600 million crowns, half of what management has sought to avert bankruptcy.

OKD was acquired in April 2018 by the state-controlled company Prisko. In June, its management has asked for 1.2 billion crowns in share capital as part of an ongoing rescue plan.

In early July, OKD announced a temporarily closing of its black coal mines in the Karviná region due to an outbreak of Covid 19. A skeleton staff is due to remain in place through August.