Miner NWR posts Q2 net loss, confident in capital restructuring

* Q2 net loss 30.2 mln euros vs 29.8 mln in poll

* Sees steady coking coal price ahead, cost cuts continue

* Confident will get bondholder approval for restructuring

* Shares (Frankfurt: DI6.F - news) down 1.4 percent in Prague (Adds CFO comments on restructuring, prices, outlook)

By Jason Hovet

PRAGUE, Aug 21 (Reuters) - Czech hard coal miner New World Resources (NWR) posted a 30.2 million euro net loss in the second quarter as it pushes ahead with a capital restructuring plan that faces a crucial vote next week.

Hurt by coking coal prices that have dropped by more than half in three years, NWR is cutting costs, seeking new equity and asking bondholders to take a loss to cut its debt pile.

Shareholders approved a planned rights issue to raise 118 million euros on Wednesday, which is set to lead to a huge dilution for shareholders who do not take part. In all, NWR wants to raise 185 million euros of new capital.

The company also wants to reduce its 825 million euro debts, mostly in secured and unsecured notes due in 2018 and 2021, respectively, by 325 million euros.

Bondholders vote on the capital restructuring plan at meetings on Aug. 29 and NWR said on Thursday it was confident it would get the required consent.

NWR already has early consent from 85 percent of secured noteholders and 66 percent of unsecured holders. It needs, in value, 75 percent of those present and voting for approval.

Chief Financial Officer Marek Jelinek said the numbers showed it was likely to get consent. But he said NWR would immediately move toward an alternative plan that involves insolvency in case the proposed restructuring is rejected.

"We can not risk another six months of burning cash," he said.

REVENUE, COSTS DOWN

NWR ended the second quarter with cash of 122 million euros, down from 159 million three months before.

Analysts had expected a net loss of 29.8 million euros in the quarter, similar to the first-quarter result. Revenue fell to 173.8 million euros from 222.8 million a year earlier.

Shares were down nearly 3 percent in mid-morning trade.

NWR said in July the average agreed price for coking coal deliveries in the third quarter rose 1 percent from the previous quarter to 85 euros per tonne.

Coking coal prices should stay steady in the next few quarters, Jelinek said, but added low prices - hit by lukewarm demand from steel customers - were "simply unsustainable from the point of view of global industrial production.

"I don't think we will see any spikes or collapses in the next quarter or two," he said. "There doesn't seem to be any immediate reason for optimism."

NWR has also pushed to cut costs, which have historically been higher than peers, such as in neighbouring Poland. NWR's cash mining unit costs fell 24 percent to 64 euros per tonne in the first half of the year, within a target range.

"We are working hard to lower that further but I think it is fair to say the low hanging fruit has been picked." (Reporting by Jason Hovet; Editing by Michael Urquhart)