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Miner NWR says main shareholder to transfer shares to help restructuring

Reuters - UK Focus

PRAGUE, Feb 24 (Reuters) - Czech miner New World Resources (NWR) said on Wednesday its main shareholder group CERCL had agreed to transfer its shares to the company to help a restructuring.

The company has been in talks with creditors and other stakeholders on a restructuring to secure new financing and streamline operations to keep it going and adjust to sagging global coal prices.

"CERCL have agreed with, among others, the company, to transfer (subject to certain conditions) to the company for nil consideration all of its shares in the company in order to facilitate the restructuring process by reducing the number of stakeholders involved in its negotiation and implementation," NWR said in a statement. (Reporting by Jason Hovet and Robert Muller; Editing by Mark Potter)