Diamond News Archives
- Category: News Archives
- Hits: 575
(IDEX Online) - Troubled Petra Diamonds has agreed a debt-for-equity restructuring deal with lenders, after failing to attract any buyers.
The UK-listed miner, founded by Adonis Pouroulis in 1997, was facing $650m of debts in senior secured bonds and launched a formal sales process in June to sell the company either as a whole.
Today Petra Diamonds Limited (PDL) announced a deal whereby debtholders will acquire 91 per cent pf the company, in exchange for reducing its debt to $337m in new notes, and contributing $30m to provide it with much-needed liquidity.
The so-called lock-up agreement with South African lenders and the noteholder group is due to be signed in early November, subject to shareholder approval.
Petra's chief executive Richard Duffy said: "We are very pleased to announce today an agreement in principle between the Company and our financial stakeholders on the key terms of a restructuring that puts PDL on a viable footing going forward, for the benefit of all our stakeholders.
Petra bought the famous Cullinan mine, in South Africa, and other deposits deemed unprofitable by De Beers, including the Finsch and Koffiefontein mines, also in South Africa, and the Williamson deposit in Tanzania.
Its famous Cullinan mine was the source of the largest rough gem-quality diamond ever - the 3,106.75-carat Cullinan Diamond that became part of the British Crown Jewels.
Pic courtesy Petra Diamonds Limited...
- Category: News Archives
- Hits: 453
- Category: News Archives
- Hits: 502
(IDEX Online) - Two pieces of diamond jewelry given by Queen Victoria to her goddaughters around 150 years ago are to be auctioned in England.
The first lot is a locket (pictured) gifted to aristocrat Lady Victoria Scott on her wedding in 1865, which is set with diamonds, emeralds and rubies.
The second is a 19th century pearl and diamond brooch/pendant given to Lady Victoria's daughter Victoria Alexandrina Alberta Kerr on her christening in 1876.
They go under the hammer at Cheffins auction house in Cambridge as part of its Jewellery, Silver, Watches and Wine sale on 5 November.
"Any jewellery with royal connections is always an exciting find when it surfaces on the art market and these pieces come with cast-iron provenance from direct descent of the family," said Steven Collins, the auction house's head of jewellery, silver and watches.
"Never before seen on the open market, these items are historically important, demonstrating Queen Victoria's love for her two goddaughters."
Both pieces both bear Queen Victoria's name. The locket is monogrammed with 'VR' on the front and has a personal engraving which reads "To Lady Victoria Scott, on her marriage Feb y, 23 1865 from Victoria R".
The second comes in an original fitted case with an applied shield engraved: "To Lady Victoria Alexandrina Alberta Kerr from her Godmother Victoria R 11 December 1876."
The first lot is estimated at $3,900 to $6,5000 and the second at $5,200 to $7,8000....
- Category: News Archives
- Hits: 768
- Category: News Archives
- Hits: 788