New World Resources Plc Extension of 13 April Deadline in SSCF Waiver (2176V)
April 14 2016 - 5:58AM
UK Regulatory
TIDMNWR TIDMIRSH
RNS Number : 2176V
New World Resources Plc
14 April 2016
Amsterdam / London, 14 April 2016
Extension of 13 April 2016 Milestone Deadline in Super Senior
Credit Facility Standstill and Waiver Agreement
New World Resources Plc ('NWR Plc') and New World Resources N.V.
('NWR NV', and NWR Plc and NWR NV, together with their
subsidiaries, the 'Group') today announce an extension of the date
for satisfaction of the first milestone contained in the current
Super Senior Credit Facility standstill and temporary waiver, from
13 April 2016 until 22 April 2016.
As previously announced, the requisite majority of lenders under
the Group's Super Senior Credit Facility have agreed on 23 February
2016 to a standstill and temporary waiver. The terms of this
standstill and temporary waiver were that it will remain in place
until 31 July 2016, if certain milestones regarding the progress of
negotiations and reaching of agreement on a restructuring of the
Group are satisfied, namely: (a) a non-binding heads of agreement
for the implementation of a restructuring of the Group with the
Czech Government on or by 13 April 2016 (originally 31 March 2016,
but extended with agreement of the requisite majority of lenders on
1 April 2016) (the "First Milestone"); and (b) a binding agreement
regarding a restructuring with the Czech Government on or by 30
April 2016.
The Group is in constructive discussions with certain key
stakeholders, including its noteholders and shareholders and the
Czech Government, regarding a restructuring of the Group's
financial indebtedness. In light of progress made to date and the
desire of all parties to work together towards reaching a binding
agreement on commercial terms on or by 30 April 2016, the requisite
majority of lenders under the Super Senior Credit Facility have
agreed to extend the date for satisfaction of the First Milestone
from 13 April 2016 until 22 April 2016.
The continuing negotiations among stakeholders are focused on
securing (1) a viable business for the Group, with a sustainable
portfolio of cash-generative mines; (2) a capital structure
appropriate to allow that portfolio to operate as a going concern
through the anticipated extended period of low coal prices; and (3)
clarity for employees. While significant progress has been made to
date and parties are committed to moving forward, there is no
guarantee that a refinancing or restructuring can be achieved or of
the terms on which it could be achieved.
- End -
Investor and Media Contact:
Radek Nemecek
Tel: +420 727 982 885
rnemecek@nwrgroup.eu
Website: www.newworldresources.eu
About NWR:
New World Resources Plc is a Central European hard coal
producer. NWR produces quality coking and thermal coal for the
steel and energy sectors in Central Europe through its subsidiary
OKD, the largest hard coal mining company in the Czech
Republic.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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