Heading to its second debt restructuring in two years

​NWR, the largest hard coal mining company in Czech Republic, had another difficult year in FY15 and the FY16 outlook for coal is dark. Challenging market conditions persist worldwide with slower global industrial output, pushing coking coal prices lower. They were representing 61% of NWR sales in FY15. Thermal coal market (29% of FY15 sales) also suffers from local oversupply and aggressive pricing by certain competitors. Both coking and thermal coal realized prices for NWR were lower in 2H15...