NWR - Update on the Balance Sheet Restructuring
New World Resources Plc ('NWR Plc') and New World Resources N.V. (the 'Company', and together with NWR Plc and its subsidiaries, the 'NWR Group') are today pleased to announce a key milestone in the NWR Group's balance sheet restructuring process. On 22 July 2014 the Company commenced the court process for the restructuring with the first hearing held yesterday, 29 July 2014. Following this hearing the court has granted the Company permission to hold two meetings where the two groups of noteholders can vote on the Company's restructuring. The meetings will be held on 29 August 2014. With a view to the meetings of the noteholders, the Company has made public today the necessary explanatory documentation for these stakeholders. This is the explanatory statement to the proposed Schemes of Arrangement. Further, Company will submit today a petition for recognition in the United States of the court process in the United Kingdom.
More information at NWR website
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