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New World Resources Plc (NWRR.L)

NWRR.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

NWR shareholder requests general meeting over liquidation
Monday, 3 Oct 2016 02:00am EDT 

New World Resources Plc : Miner NWR says shareholder requests general meeting to resolve to place NWR into liquidation . Says received request from State Street Nominees Limited . Says NWR directors will take appropriate action in due course . NWR's main business, the Czech mining unit OKD, filed for insolvency in May [nL5N1804CW] . OKD creditors committee has agreed to pursue reorganisation [nS8N0ZS014] [nP7N14701Y] Further company coverage: [NWRR.L] ((jason.hovet@thomsonreuters.com;)).  Full Article

Czech coal miner OKD creditors agree to pursue reorganisation, not bankruptcy
Thursday, 11 Aug 2016 05:39am EDT 

New World Resources Plc : Creditors committee agrees to pursue reorganisation of NWR coal mining unit OKD, company spokesman says . "This is very positive news for OKD, for employees and hard coal mining in the Ostrava region," OKD spokesman Ivo Celechovsky says . Court on Wednesday rejected biggest claim by Citibank representing holders of EUR 352 mln in NWR bonds guaranteed by OKD .News agency CTK quoted judge Petr Kula as saying court will approve reorganisation shortly.  Full Article

Czech court rejects claims of NWR bondholders toward NWR's insolvent mining unit OKD
Wednesday, 10 Aug 2016 06:00am EDT 

New World Resources Plc : Ostrava Regional Court spokeswoman says court rejected claim by holders of bonds worth EUR 352 mln issued by OKD parent firm NWR; bonds were guaranteed by OKD; claim is the biggest receivable in OKD insolvency process . Claims for EUR 35 mln super-senior credit facility also rejected . OKD in insolvency since May due to low coal prices . Citibank, as collateral agent of bondholders, can take part in creditor committee to meet on Thursday; committee to vote on whether Citi can take part in insolvency process . Committee to discuss whether to seek reorganisation or bankruptcy . Stock suspended since insolvency started . Main bondholders are Grammercy, M&G, Ashmore, acting under umbrella called AHG; spokesman for AHG has no immediate comment . Earlier on Wednesday, AHG spokesman said "The statements and arguments made in the effort to deny Citibank's claims directly contradict all available evidence and documentation. The insolvency filings as well as the statements made by Citibank which are available in the insolvency register are clear proof of that." Further company coverage: [NWRR.L] ((prague.newsroom@thomsonreuters.com; +420 224 190 477;)).  Full Article

Miner NWR's OKD unit has registered three indicative financing offers
Wednesday, 25 May 2016 06:30am EDT 

New World Resources Plc : OKD unit says group has not received any direct financing offers, but has three indicative offers . says their implementation would be difficult timewise . OKD filed for insolvency on May 3 [nL5N1804CW] [nL5N18K33K] Further company coverage: [NWRR.L] ((prague.newsroom@thomsonreuters.com;)).  Full Article

Czech miner NWR says Chairman Penny tendered resignation
Friday, 20 May 2016 08:46am EDT 

Nwr : Gareth Penny has tendered his resignation from his role as executive chairman of board of NWR Plc, effective as of May 31 2016. . Bessel Kok, Alyson Warhurst And Ian Ashby have each tendered their resignation from their role as directors .Boudewijn Wentink will remain executive director of co; will take over Gareth Penny's executive responsibilities with effect from May 31.  Full Article

Czech miner NWR says not able to release Q1 results after OKD events
Wednesday, 18 May 2016 02:11am EDT 

New World Resources Plc : Says as a result of recent events in group related to filing of OKD insolvency petition, company is not currently in a position to announce its q1 2016 results . Was due to release results on May 18 . For latest news on company: [nL5N18D0RQ] [nL5N1804CW] Further company coverage: [NWRR.L] ((prague.newsroom@thomsonreuters.com;)).  Full Article

Miner NWR says possible recovery for shareholders less than EUR 8 million
Monday, 16 May 2016 02:56am EDT 

New World Resources Plc : NWR says in statement senior secured creditors have issued enforcement instructions over the accounts of NV and BV group companies, and instructed the Security Agent to take control over the cash in those accounts . senior secured creditors have also issued a demand upon the guarantee given by OKD unit for payment of the SSCF liabilities . NWR says senior secured creditors informed the Group that they also intend to issue enforcement instructions over the secured intra-group loans . NWR notes in statement that the current cash balances in the accounts of NV and BV are insufficient to satisfy the SSCF liabilities in full . NWR says as a result of these actions by the Senior Secured Creditors, it is highly unlikely that unsecured creditors of the NWR Group will receive any return on their outstanding liabilities towards NV and BV . NWR says it is possible that there may be some remaining cash balances at NWR plc after the orderly wind up or break up of the NWR group . NWR says any recoveries for shareholders are likely to be limited and will possibly be less than EUR 8 million . NWR says has appointed Deloitte to commence a process for the sale of NWR Karbonia, unit owning Debiensko mine in Poland.  Full Article

Czech court declares NWR's OKD miner insolvent, creditors to meet on Aug 10
Monday, 9 May 2016 08:05am EDT 

New World Resources Plc : Czech court declares NWR's main unit OKD insolvent . Court to hold next hearing on August 9, calls creditors' meeting for August 10 . OKD, the operating unit coal miner NWR, filed for insolvency on May 3 after failing to secure government aid, aims to design a reorganisation plan to stay afloat [nL5N1804CW] . Trading in shares has been halted in Prague and London Further company coverage: [NWRR.L] (Reporting By Jason Hovet) ((jason.hovet@thomsonreuters.com;)).  Full Article

New World Resources plc shares suspended on LSE - Reuters
Wednesday, 4 May 2016 03:38am EDT 

New World Resources plc:New World Resources shares suspended on LSE- Reuters.NWR says likely impact of insolvency of OKD subsidiary is that the remainder of the NWR group will be wound up or broken up in an orderly manner.NWR says if this occurs, it is expected that there will be very minimal or no returns to the shareholders of NWR plc.NWR says Prague Stock Exchange and Warsaw Stock Exchange are currently processing a request from NWR plc to suspend shares.  Full Article

New World Resources main business files for insolvency - Reuters
Tuesday, 3 May 2016 12:00pm EDT 

New World Resources Plc:The main business of Czech coal miner New World Resources (NWR) filed for insolvency on Tuesday after failing to secure government aid, but could still agree a reorganisation plan to stay afloat-Reuters.The business, OKD, which owns the country's only hard coal mines, is the latest miner worldwide to seek creditor protection amid slumping prices.Loss-making OKD said in its insolvency filing that it owed 17 billion crowns (629.01 million euros) and held assets worth less than 7 billion crowns.Most of OKD debts are guarantees for the parent company's bonds and loans which could become payable prematurely due to breaching debt terms.OKD said it did not have enough money to cover its liabilities but expected to receive payments from customers to maintain operations and pay wages.The group also said it would meet orders while preparing a restructuring plan involving the closure of multiple mines.NWR warned last week OKD would run out of money by the middle of May unless the Czech government and company creditors agreed a takeover or restructuring deal.The government has rejected any deal that would benefit the company's owners and debt holders but has not completely ruled out taking it over.Prime Minister Bohuslav Sobotka said keeping the largest number of miners in work was a priority, and ministers would meet to address the situation on Wednesday.According to the insolvency filing, OKD also owes 64.7 million euros to its parent companies.  Full Article

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