Citibank appeals against OKD reorganisation

US based bank Citibank has appealed against an insolvency and reorganisation plan put together for the Ostrava hard coal mining company OKD. Citibank’s appeal follows a refusal by the insolvency administrator Lee Louda to recognise its claims to billions of crowns in claimed debts from the mining company. OKD has been in bankruptcy administration since last year. A court in Olomouc will have to rule whether the appeal can be accepted. Citibank is OKD’s biggest creditor and claims it is owed 17 billion crowns. A reorganisation plan is seeking a gradual end of mining in the region will would safeguard thousands of jobs in the short term and ease the transformation of the regional economy.