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New World Resources likely to be wound up following OKD bankruptcy


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New World Resources likely to be wound up following OKD bankruptcy

A day after New World Resources Plc's main coal-mining unit, OKDa.s., filed a bankruptcypetition in a Czech court, shares of the London-listed company havebeen suspended from trading on the London Stock Exchange as of May 4.

The company said in a statement on the same day that itsrequests to suspend shares on the Prague Stock Exchange and Warsaw StockExchange are currently being processed.

The company said as OKD is its only trading subsidiary, thelikely impact is that the remainder of the group would be "wound up orbroken up in an orderly manner."

"If this occurs, it is expected that there will be veryminimal or no returns to the shareholders of [New World Resources] Plc, apartfrom the potential distribution of any cash balances of NWR Plc that may remainafter the orderly wind-up or break-up of the NWR Group," the company said.

The OKD unit filed for bankruptcy protection after failingto strike a rescue deal with the Czech government and a group of majorcreditors.