1 Apr 2016 10:17
Amsterdam / London, 1 April 2016
Extension of 31 March 2016 Milestone Deadline in Super Senior Credit Facility Standstill and Waiver Agreement
New World Resources Plc ('NWR Plc') and New World Resources N.V. ('NWR NV', and NWR Plc and NWR NV, together with their subsidiaries, the 'Group') today announce an extension of the date for satisfaction of the first milestone contained in the current Super Senior Credit Facility standstill and temporary waiver, from 31 March 2016 until 13 April 2016.
As previously announced, the requisite majority of lenders under the Group's Super Senior Credit Facility have agreed on 23 February 2016 to a standstill and temporary waiver. The original terms of this standstill and temporary waiver were that it will remain in place until 31 July 2016, if certain milestones regarding the progress of negotiations and reaching of agreement on a restructuring of the Group are satisfied, namely: (a) a non-binding heads of agreement for the implementation of a restructuring of the Group with the Czech Government on or by 31 March 2016; and (b) a binding agreement regarding a restructuring with the Czech Government on or by 30 April 2016.
The requisite majority of lenders under the Super Senior Credit Facility have agreed to extend the date for satisfaction of the first milestone described above from 31 March 2016 until 13 April 2016.
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Investor and Media Contact:
Radek Nemecek
Tel: +420 727 982 885
rnemecek@nwrgroup.eu
Website: www.newworldresources.eu
About NWR:
New World Resources Plc is a Central European hard coal producer. NWR produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic.