Once Largest Prague IPO, Miner NWR Sees Break Up Prospects

New World Resources Plc, which entered the Prague Stock Exchange eight years ago as the largest Czech equity offering ever, may become the country’s biggest corporate failure in at least a decade, Bloomberg News reported. The mining company, controlled by a group of investors including Ashmore Investment Management Ltd., said on Wednesday it will probably be “wound up or broken up in an orderly manner” as a result of an insolvency filing by its key asset, OKD AS. The unit said a day earlier it had enough cash to pay May wages but couldn’t meet any obligations to over 650 creditors, including NWR, as its debt was more than twice the value of its assets. Read more.