Six Polish State-controlled firms have agreed to put $620-million into a newly-established state coal mining group PGG, they said on Tuesday, as part of an effort to save the European Union’s largest coal miner Kompania Weglowa from bankruptcy. Kompania is on the brink of bankruptcy as a result of record-low coal prices and high labour costs. Kompania’s liabilities and debt, estimated at billions of zlotys meant the company could run out of money this month.
