NWR's restructuring left in bondholder hands as top investor exits

* Investor (LSE: 0NC5.L - news) group gives up shares amid restructuring

* Trio of bondholders main owners, want state cooperation

* Exit of financier Bakala may smooth govt relations

* NWR looking for new cash, possible mine closures (Adds Chairman on closures, bondholder, government comments)

By Jan Lopatka and Jason Hovet

PRAGUE, Feb 24 (Reuters) - New World Resources' (NWR) majority owner has agreed to give up its shares, leaving control of the struggling Czech coal miner to bondholders during a restructuring needed to survive.

Loss-making NWR has been in discussions with stakeholders and the government on securing financing and closing mines as it burns cash amid low global prices.

NWR said on Wednesday that 50.5 percent shareholder CERCL, in which Czech financier Zdenek Bakala is a leading investor, would transfer shares to the company for free.

A majority of lenders in a super senior credit facility also agreed a temporary waiver, reducing the minimum amount of cash NWR needs and giving it some breathing space in restructuring talks.

Management and bondholders said they hoped that the departure of Bakala, who has had frosty relations with the government, may help to win some state aid for its hard coal mines.

"I think the news today will help a great deal to draw a line in the past and create a very different and new dynamic that clearly has not been there," Executive Chairman Gareth Penny said in an interview.

"We have got the space and the room that we need now in order to put together the changes that we need to make sure the business is on a robust footing," he added.

NWR fell into a loss of 4 million euros ($4.40 million) in 2015 on the core level of earnings before interest, tax, depreciation and amortisation (EBITDA). It ended 2015 with net debt of 298 million euros and cash of 86 million euros.

Penny said he aimed to wrap up stakeholder discussions in the second quarter and finalise plans to close its Paskov mine.

NWR has raised the possibility of further mine closures and laying off more than half its nearly 13,000 workers.

Penny said that a restructured firm would need new capital.

The government has so far refused to provide cash for NWR but has said it was ready to help miners who lose jobs.

A trio of bondholders holding 65 percent of NWR debt -- Ashmore Investment Management, Gramercy Funds Management and M&G (Shanghai: 603899.SS - news) Investment Management -- will control 60 percent of the company with CERCL's exit. It said it would support the business and that government involvement was needed.

Industry Minister Jan Mladek told Reuters that the government was still against giving aid but said that the cabinet would discuss NWR once the ownership changes take effect.

NWR went through a major debt and equity overhaul in 2014 and now has a market capitalisation of 12.4 million pounds ($17.26 million) after shares plunged more than 99 percent since 2008. Yields on NWR's 2020 senior secured notes have quadrupled to 206.9 percent since December.

($1 = 0.9084 euros) ($1 = 0.7186 pounds) (Additional reporting by Robert Muller; Editing by Mark Potter and Louise Heavens)