1st Apr 2016 09:45
LONDON (Alliance News) - New World Resources PLC said Friday it has extended to April 13 the deadline by which it must meet the first milestone for its credit facility standstill and waiver agreement.
New World said the majority of lenders under its Super Senior Credit Facility agreed to a standstill and temporary waiver on February 23, on the condition that certain milestones are met by New World regarding negotiations with the government of the Czech Republic about restructuring.
On Friday, New World said it has agreed with its lenders to extend the date for satisfaction of the first milestone, which is for the establishment of a non-binding heads of agreement for the implementation of a restructuring of the group with the Czech Republic government. This was supposed to have taken place on or by March 31, but now has a deadline of April 13 following the extension.
The second milestone is for New World to establish a binding agreement regarding a restructuring with the Czech Republic government by April 30.
New World Resources produces coal and coking for Central Europe through its subsidiary OKD, a hard-coal mining company based in the Czech Republic, where it owns a number of mines and is involved in various projects.
Shares in New World were down 8.8% at 0.387 pence on Friday.
By Hannah Boland; [email protected]; @Hannaheboland
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