A source told E15 (local media) that NWR (21,7 CZK, -0,91%) has conferred with creditors on the possibility of selling some of the underlying collateral for its secured CZK bln bond. There is reportedly no immediate threat of a call of the bond. However, the secured assets are reportedly worth only EUR 150 mln. /We think NWR is likely to extend its “cash-savings” plan as the coal market has been further deteriorating during last months. We further decreased our EBITDA expectation in both 2013 and 2014 as well as our target price to 15 CZK per share (from 30 CZK). We maintain our REDUCE recommendation on NWR shares.