Czech Republic: owner of the coal company wants to stabilize with the government – Banker

              A private owner only escapes Czech coal company OKD (Mines of Ostrava-Karwińskie) has declared that it will not sell it without prior stabilization conducted jointly with the government – announced on Friday the Czech media.
 

 
 
 
 

OKD to be registered in the London company New World Resources (NWR), which in turn is owned by investment funds jointly as the Ad Hoc Group (AHG).

 

due to debts NWR is in the actual default. Its last year’s loss amounted to about 6 billion kronor (955 million) compared with 567 million kronor (90 million) a year earlier. According to analysts outside the decline in coal prices they are to blame for this as the costs of servicing its massive debt.

 

OKD making losses despite the undertaken projects savings. The company has 9 800 own employees, employing 2 700 people in addition to the companies cooperating with it and 200 more hired from employment agencies. In both of the latter category comes largely of Polish workers. The current situation also threatens thousands of jobs in the sectors that support – mining.
 

The offer to purchase OKD Featuring an experienced minority shareholding in NWR group Arca Capital of the Slovak billionaire Pavol Krupa. He declared Thursday a public Czech Television that he would be able to maintain the functioning of OKD for five to seven years without the need for “milking” of the state.

 

“Members of the AHG (investors), who hold the majority of voting rights in the company NWR confirmed receipt of the letter of Mr. Groat about his interest in buying the company OKD, which we appreciated. Our priority remains the cooperation with the government in completing stabilization plan. With Mr. Krupa we discuss the stabilization of the financial situation of OKD “- reads the letter he sent to CTK agency spokesman AHG Roman Parzik.

 

About the possible help from the government discussed on Tuesday with representatives of the AHG finance Minister Andrej Babiš and trade and industry Minister Jan Mladek. After the talks, the ministers declared that AHG will present in a few days the information requested by the government. Only then the government will decide on its further proceedings OKD.
 

AHG expressed the hope that a binding agreement with the state will be concluded by 30 April that is in accordance with its plan to prevent the insolvency of OKD. In contrast, non-binding agreement would be signed until April 22. (PAP)

 

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