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Miner NWR shareholders approve rights issue as part of restructuring

Reuters - UK Focus

PRAGUE, Aug 20 (Reuters) - Shareholders of Czech coal miner New World Resources (LSE: NWR.L - news) (NWR) have approved a rights issue as part of a debt and equity restructuring, the company said on Wednesday.

NWR has suffered losses due to a drop in global coal prices and is seeking capital from shareholders and asking bondholders to take a loss on their investments. Bondholders are due to meet next week to vote on the plan.

It said last month that the rights issue would be priced at 2.3457891 euro cents per share, a 82.93 pct discount to its July 29 closing price. The company plans to raise 118 million euros through the rights issue. (Reporting by Jason Hovet; editing by Jason Neely)