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UPDATE 1-NWR says Karbonia shares transferred to Prairie Mining Limited
October 11, 2016 / 6:31 AM / a year ago

UPDATE 1-NWR says Karbonia shares transferred to Prairie Mining Limited

(Adds details on Karbonia)

Oct 11 (Reuters) - New World Resources Plc

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

* NWR Karbonia is responsible for Debiensko mine project in Poland

* says requisite majority of the lenders under the EUR 35 million super senior credit facility (SSCF) 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

* says following completion of the transaction, and receipt of all proceeds, the outstanding balance of the SSCF is approximately EUR 20 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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