Amsterdam / London, 14 April 2016
Extension of the First Milestone 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 first milestone contained in the current Super Senior Credit Facility standstill and temporary waiver until 22 April 2016.
As previously announced, the requisite majority of lenders under the Group's Super Senior Credit Facility agreed on 23 February 2016 to a standstill and temporary waiver. The 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 13 April 2016 (originally 31 March 2016, but extended with agreement of the requisite majority of lenders on 1 April 2016) (the “First Milestone”); and (b) a binding agreement regarding a restructuring with the Czech Government on or by 30 April 2016.
The Group is in constructive discussions with certain key stakeholders, including its noteholders and shareholders and the Czech Government, regarding a restructuring of the Group’s financial indebtedness. Against this background, the requisite majority of lenders under the Super Senior Credit Facility has agreed to extend the 13 April deadline for satisfaction of the First Milestone until 22 April 2016.
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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.
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