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9 months ago
BRIEF-NWR says Karbonia shares transferred to Prairie Mining Limited
October 11, 2016 / 6:11 AM / 9 months ago

BRIEF-NWR says Karbonia shares transferred to Prairie Mining Limited

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Oct 11 (Reuters) - New World Resources Plc

* says NWR Karbonia shares transferred to prairie mining limited following creditors' enforcement action

* says requisite majority of the lenders under the EUR 35 million super senior credit facility have issued enforcement instructions over the shares that NWR Holdings B.V. holds in NWR Karbonia S.A.

* says lenders have instructed Citibank N.A. (the "Security Agent") to take control over those shares and to transfer them to Prairie Mining Limited for an upfront consideration of EUR 0.5 million and deferred cash consideration of EUR 1.5 million

* NWR's main business, the Czech mining unit OKD, filed for insolvency in May

* OKD creditors committee has agreed to pursue reorganisation Source text for Eikon: Further company coverage:

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