New World Resources non-binding restructuring deal deadline extended

By Caroline Salls

Pittsburgh, April 14 – New World Resources plc, New World Resources NV, NWR plc and NWR NV obtained an extension of a milestone contained in their super senior credit facility standstill and temporary waiver that requires a non-binding restructuring implementation agreement to be reached with the Czech government, according to a company news release.

Specifically, the milestone was extended to April 22 from April 13.

New World said the standstill and temporary waiver will remain in place until July 31 if milestones related to the progress of negotiations are satisfied.

In addition to the Czech government non-binding agreement milestone, the company must enter a binding restructuring agreement with the Czech government by April 30.

The New World group said it is in discussions with key stakeholders, including its noteholders and shareholders and the Czech Government, regarding a restructuring of the group’s financial debt.

New World Resources is an Amsterdam-based central European coal producer with operations in the Czech Republic.

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