25th Apr 2016 06:47
LONDON (Alliance News) - New World Resources PLC on Monday said its senior credit standstill facility and waiver agreement with its lenders has now expired.
The company said it is continuing talks with its lenders on its debt position, but no agreement has yet been secured.
As a result of this, some parts of the company are now in default under their financial obligations, New World said.
The company said it is unclear whether a restructuring plan will be reached before the business has exhausted all available sources of financing and, therefore, whether the company will have to start insolvency proceedings.
By Sam Unsted; [email protected]; @SamUAtAlliance
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