NWR - Expiry of SSCF 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 that — although the Group is in continuing discussions with certain key stakeholders, including the Czech Government, regarding a restructuring of the Group’s financial indebtedness — a non-binding agreement with the Czech Government has not been secured. On this basis the ad-hoc group of senior creditors of the Group and shareholders in NWR Plc (the “AHG”) have not agreed to waive or extend the Super Senior Credit Facility Standstill and Waiver Agreement (the “SSCF Waiver”).

This expiry means that certain members of the Group are now in default under their financial obligations — obligations that are guaranteed by OKD.

Given the current status of discussions, it is unclear whether agreement on a restructuring plan can be reached before OKD has exhausted all available sources of financing and thus, whether OKD may be obliged to commence insolvency proceedings.

full press release (en)