New World Resources Plc:Majority shareholder CERCL completed transfer of its complete stake to the company after set conditions were met-Reuters.Transfered shares will not be voted on while held by NWR.
New World Resources Plc (NWR):NWR bondholders group AHG (Ad Hoc Group) says hopeful that with help of government, a sensible solution can be found for OKD - Reuters.Says controls 65 percent of company's debt and voting interest of 60 percent.AHG includes Ashmore Investment Management Limited, Gramercy Funds Management LLC and M&G Investment Management Limited.Says to continue support for company's operating unit OKD and wish to cooperate with Czech government on restructure plan.Says ability to successfully help with the restructuring and recovery of OKD is dependent on all stakeholders, including government, suppliers, customers and employees.
New World Resources Plc (NWR):Wants to complete talks with stakeholders on the future of the company in the second quarter, Executive Chairman Gareth Penny said on Wednesday- Reuters.NWR has been in talks with creditors and other stakeholders on a restructuring to secure a viable capital structure and slim operations to keep it going amid low global coal prices.Penny said bondholders have been supportive in discussions.He also said in an interview that parts of the company were still viable even at today's low coal price levels and that the company would decide on the closure of its Paskov mine in the second quarter.
New World Resources Plc (NWR):Its main shareholder group CERCL had agreed to transfer its shares to the company to help a restructuring-Reuters.The company has been in talks with creditors and other stakeholders on a restructuring to secure new financing and streamline operations to keep it going and adjust to sagging global coal prices.CERCL have agreed with, among others, the company, to transfer (subject to certain conditions) to the company for nil consideration all of its shares in the company in order to facilitate the restructuring process by reducing the number of stakeholders involved in its negotiation and implementation.
New World Resources Plc:New World Resources Chief Executive Dale Ekmark says on company website certainly not preparing for bankruptcy-Reuters.Says regional prices especially low due to aggressive pricing policy of some competitors.Company announced intention to shut down some mines, cut staff by over a half to 5,000-6,000 people.
New World Resources Plc:The Czech government and New World Resources (NWR) NWRR.L NWRR.PR will move forward in talks on the reorganisation of the struggling hard coal miner's OKD unit and about the possible sale of one of its mines, Industry Minister Jan Mladek said-Reuters.We agreed there will be separate negotiations on two things," Mladek told reporters after he and other government ministers held talks with company management."."The first is the reorganisation of OKD to see whether we are able to reach an agreement. And then about selling the Frenstat mine for 1 crown ($0.0405).".
Rosan Resources Holdings Ltd:Received a notification from its subsidiary, Henan Jinfeng Coal Industrial Group that Jinfeng has decided to close Xiaohe Coal mine no.2.Says management of company is now accessing the financial impact from the closure of the mine.Says operations of the mine will cease with immediate effect.Says "it would be more cost effective to close the mine permanently".Says group's remaining four coal mines will continue to be in operations.
Inner Mongolia PingZhuang Energy Resources Co Ltd:Dissolves Chifeng mining subsidiary on Dec. 15.Plan disclosed on July 28.