A reorganisation plan for the bankrupt coal mining company OKD has won court backing. The Supreme Court in Olomouc on Tuesday rejected an appeal by Citibank against the approval of the plan, which was carried out by creditors in August and was previously confirmed by a regional court.
OKD creditors including Citibank have filed claims of over CZK 20 billion in court, but the administrator has rejected claims for most of that amount. OKD continues to mine coal and employs around 9,500 people.
Citibank, which like OKD’s mother company NWR, appealed against the reorganisation plan is the firm’s biggest unrecognised creditor.