State to pay wages to miners of OKD company if necessary

If the mining company OKD, which has filed for insolvency, is not able to pay wages and severance payments to employees, the state will take over, the Minister for Industry and Trade, Jan Mládek, said on Thursday. According to Mr Mládek, the company will run out of cash already in June. OKD filed for bankruptcy on Tuesday, after 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.

Author: Ruth Fraňková