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New World Resources fails to convince Czech government to provide aid

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New World Resources fails to convince Czech government to provide aid

New World ResourcesPlc was unable to convince the Czech government to provide ahead of an April 13 deadlineto avoid going into bankruptcy, Bloomberg News reported April 12.

The government has asked a group of bondholders who of rescue efforts forthe troubled coal miner to provide more information before making a decision ona bailout, the report said, citing Finance Minister Andrej Babis.

"We agreed on a list of information they will provide tous relatively quickly," Babis said. "We will not be blackmailed. Theycannot give ultimatums to the government."

Although a government deal by April 13 was a condition for atemporary waiver on its €35 million credit facility, the minister said the companynow has until the end of the month.