European coal producer New World Resources said the OKD Board filed an insolvency petition with the Czech court during May.
The group has held discussions with its stakeholders, since the beginning of December 2015, regarding a restructuring of liabilities and the provision of vital additional liquidity, saying the company’s financial position was very weak and it urgently required an external injection of money. Shares in NWR Plc have been suspended from the London Stock Exchange. Prague Stock Exchange and Warsaw Stock Exchange are currently processing a request from NWR Plc to suspend the shares.
