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NWR - Noteholders Approve Consensual Restructuring

29.08.2014 16:19

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 pleased to announce that the noteholders have approved the consensual restructuring transaction at the two creditor meetings that were held this afternoon. The Company has received an overwhelming degree of support for the transaction: 99.4% in value of the holders of secured notes and 95.3% in value of the unsecured noteholders present and voting at the meetings.


The consensual transaction takes into account the interests of all of NWR Group's stakeholders, would provide a strengthened capital structure and puts the NWR Group in a better position to take advantage of an upturn in the coal markets.


The transaction is still conditional. Conditions include the completion of the court processes in both the United Kingdom and the United States; the completion of approval processes by the parties to the ECA; and the raising of in total EUR 185 million of new money by means of an EUR 118 million rights issue, a EUR 32 million placing and a EUR 35 million credit facility. The funds necessary to facilitate the transaction are fully committed.

More info at NWR website.

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