Wed Jul 2, 2014 3:36am EDT
(Adds detail on revisions, shares, background)
PRAGUE, July 2 (Reuters) - Lossmaking Czech coal miner New World Resources (NWR) has revised the terms of a proposed capital restructuring and will put its main business up for sale if the plan does not win enough support from share and bond holders.
The new terms have the backing of 62 percent of its senior secured noteholders, 37 percent of senior unsecured noteholders and by majority shareholder BXR, NWR said in a stock exchange filing on Wednesday.
NWR, owner of the Czech Republic's only hard coal mines, is struggling to adjust to a sharp drop in global prices in recent years and tepid demand from its steel industry customers.
The company said that, as part of contingency planning in case it does not get enough support for the revised restructuring plan, it was starting a sale process for mining subsidiary OKD and Polish business NWR Karbonia.
"The board of directors believes that it is prudent to continue contingency planning in parallel with the implementation of the revised consensual transaction," NWR said in the filing.
NWR shares were down more than 8 percent in early trading in Prague.
The deal must be approved by a majority in number and 75 percent by value of each class of creditor voting in person or by proxy. NWR announced a conditional deal in June as it tries to cut its debt by almost a half and secure new capital to stave off insolvency.
The company had offered a consent fee to holders who would agree to the proposed terms by June 25. It said 77 percent of the senior secured noteholders and 40 percent of the senior unsecured noteholders had signed up by the deadline.
But those bondholders will have to enter the lock-up again under the revised terms by a July 11 deadline, NWR said.
Under the revised terms, NWR said a 30 million euro senior unsecured notes tender shall be at a fixed price of 25 percent of par. Other terms of the proposed capital restructuring remain unchanged, it said. (Reporting by Robert Muller; editing by Jason Neely and Tom Pfeiffer)
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