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Petra Diamonds agrees to restructuring after sale process bears no fruit

Credit: REUTERS/SIPHIWE SIBEKO1

Africa-focussed miner Petra Diamonds said on Tuesday it had an agreement with its lenders to restructure the group and was abandoning a formal sale process after receiving no offers for the company.

Oct 20 (Reuters) - Africa-focussed miner Petra Diamonds PDL.L said on Tuesday it had an agreement with its lenders to restructure the group and was abandoning a formal sale process after receiving no offers for the company.

The company, which put itself up for sale in June, said the principle agreement with lenders included taking on new debt and converting debt to equity, resulting in a group of lenders holding 91% of the enlarged share capital.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sriraj Kalluvila)

((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa; +919742735150;))

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