Creditors approve OKD overhaul plan

Creditors of the bankrupt coal mining company OKD on Thursday approved a reorganization plan for the firm’s future.

The company’s mines and assets will be placed in a newly-founded successor company which is to be sold to the state firm Prisko for 80 million crowns.

Mining will be phased out gradually as will lay-offs of miners and office staff. The plan still needs to be approved by an insolvency court.