The management of the mining company views today´s government decision as a positive impulse, particularly for OKD creditors
Karviná (27 July 2016) - „It is definitely good news for the entire company, business partners and the region. Particularly, it is a positive impulse for all creditors why to incline towards reorganization that the management of OKD proposes and prefers over a possible bankruptcy liquidation,“ responded Antonín Klimša, Managing Director of OKD after today´s government decision.
At the same time, he emphasized that if creditors decides for reorganization, OKD will be striving for at least partial compensation of its pre-insolvency debts in direct dependence on future coal prices.
Reorganization is supported also by Moravian-Silesian tripartite and other institutions including the Chamber of Commerce. In case of bankruptcy liquidation, significant part of workforce will most likely be immediately dismissed; there might be a sudden closure of majority of mining locations without a possibility to potentially recover mining and almost zero satisfaction of pre-insolvency debts.
Management of OKD proposes and pursues a viable business plan that could deal with a gradual and regulated phase out of individual location in the future, directly tied to economically recoverable reserves of thermal and coking coal.
The final fate of OKD will be decided in August by creditors who will incline either towards bankruptcy liquidation or will give OKD a chance to survive and will allow its reorganization.
Ivo Čelechovský, spokesperson of OKD, a.s.