7th Oct 2014 16:46
LONDON (Alliance News) - New World Resources PLC said it has completed the restructuring of its balance sheet, which has left it with significantly reduced outstanding debt and debt servicing costs.
The coal and coke producer has spent the last eight months restructuring its balance sheet.
"The end of the balance sheet restructuring marks a major step in the recovery of the company. It is, however, by no means the end of its transformation. Alongside the balance sheet restructuring we have continued transforming our operations, aiming to ensure their ongoing sustainability. Cost optimisation and streamlining of the operations are delivering the first results as is evident from our first-half 2014 numbers," said Chairman Gareth Penny in a statement.
The company said that as a result of the restructuring, its outstanding debt and debt servicing costs have been significantly reduced.
"We now have a flexible capital structure that enables the company to benefit if an upturn in market conditions occurs and thus benefit all those stakeholders who have chosen to participate in the new structure," said Penny.
New World Resources shares closed trading Tuesday 0.6% lower at 1.76 pence. The company released the statement after the market close Tuesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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