Ashmore to M&G Take Charge of NWR Rescue Bid as Owner Exits
- NWR CEO sees `new lease on life' as founder Bakala pulls out
- Czech coal company facing `tough decisions' on Paskov mine
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Creditors of New World Resources Plc, including Ashmore Investment Management Ltd., are assuming control of the unprofitable Czech coal mining company and taking charge of efforts to rescue it.
More than 60 percent of NWR will be owned by its bondholders after CERCL Mining Holdings BV returns all its shares for free, NWR Chief Executive Officer Gareth Penny said in an interview on Wednesday. The exit of CERCL, a 50.4 percent shareholder co-owned by NWR’s founder Zdenek Bakala, and waivers granted by creditors will be followed by restructuring talks with other investors, the government and labor unions, according to the chief executive.