A U.S. bankruptcy judge signed off on New World Resources PLC 's debt-for-equity swap, a key step in the Dutch coal miner's plan to restructure more $1 billion in debt by issuing new shares, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Stuart Bernstein on Tuesday recognized NWR's bankruptcy filing under chapter 15. Recognition of NWR's U.K. court proceeding paves the way for the company to begin implementing its debt-cutting plan, which was approved last week by the High Court of Justice of England and Wales. Under the deal, a group of secured bondholders owed about EUR500 million will split EUR300 of new senior secured debt and EUR115 million of notes that could be converted into equity.
