Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

Yesterday

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Petra Diamonds makes steps towards restructuring

19 november 2020
news_19112020_petra_diamonds.png
Image credit: Petra Diamonds

Petra Diamonds has executed a lock-up agreement with an ad-hoc group of holders of the $650 million 7.25% senior secured second-lien notes.
The agreement formalises the agreement reached in principle regarding a long-term solution for the recapitalisation of the group.
"The execution of the lock-up agreement marks a positive step forward in the implementation of the Restructuring," it said.
"Pursuant to the terms of the lock-up agreement, the parties have undertaken to take all actions reasonably necessary in order to implement the restructuring and to not delay or prevent the implementation of the restructuring."
Key features of the restructuring include a partial reinstatement of the notes debt and the contribution by holders of the existing notes of $30 million in new money, each to take the form of new senior secured second-lien notes.
It is expected that the new notes will amount to about $337 million.
The restructuring will also see the conversion of the remainder of the notes debt into equity, which will result in the noteholders holding 91% of the enlarged share capital of Petra.
The implementation of the restructuring remains subject to the agreement of customary implementation documentation and the satisfaction of relevant conditions precedent. 
Such conditions include approval of the company's shareholders and of the scheme by the noteholders and the sanctioning of the same by the court.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished