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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.

New World Resources Plc OKD files for insolvency to reorganise - Reuters

Tuesday, 3 May 2016 08:19am EDT

New World Resources Plc:Czech hard coal miner New World Resources' (NWR) NWRR.LNWRR.PR main business unit OKD has filed for insolvency with the aim to reorganise and maintain viable operations, OKD said on Tuesday-Reuters.OKD said it did not have money to cover its liabilities but expected to receive payments from customers in May to keep operations going and pay wages, it said in a statement.NWR said last week OKD will run out of money by the middle of May and will need to file for insolvency before that unless the Czech government and company creditors agree a takeover or restructuring deal. There has been no agreement so far.

Alpha Natural Resources filed voluntary petitions for relief under Chapter 11 - Form 8-K

Friday, 7 Aug 2015 05:17pm EDT

Alpha Natural Resources, Inc:Says filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.

New World Resources Plc concludes U.S. court process

Wednesday, 10 Sep 2014 02:10am EDT

New World Resources Plc:Says that on Sep. 9 the United States Bankruptcy Court in New York granted its approval for the company’s planned capital restructuring scheme.The court has granted the order for recognition of the scheme process before the High Court of England and Wales as a foreign main proceeding and for related relief giving full force and effect to the scheme under Chapter 15 of the U.S. Bankruptcy Code.This concludes the court process in the United States.Previously, on Sep. 5 the High Court of Justice of England and Wales sanctioned the scheme in order for the terms of the consensual restructuring transaction to be binding on all noteholders.This concluded the court process in the United Kingdom.

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