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Petra tosses company sale after debt-for-equity deal

Oct 20, 2020

Source: https://www.mining.com/petra-scraps-company-sale-after-debt-for-equity-deal/

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Petra has abandoned plans to sell the business in favour of a debt-for-equity restructuring. (Image of Koffiefontein mine. Courtesy of Petra Diamonds.)

Shares in Petra Diamonds (LON:PDL) nosedived on Tuesday after it said it had abandoned plans to sell the company or parts of its business, opting instead for a debt-for-equity restructuring.

The struggling South African miner, with operations in the home country and Tanzania, said it had received no viable offers since June, when it put up the “for sale” sign.

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Petra has abandoned plans to sell the business in favour of a debt-for-equity restructuring. (Image of Koffiefontein mine. Courtesy of Petra Diamonds.)

Shares in Petra Diamonds (LON:PDL) nosedived on Tuesday after it said it had abandoned plans to sell the company or parts of its business, opting instead for a debt-for-equity restructuring.

The struggling South African miner, with operations in the home country and Tanzania, said it had received no viable offers since June, when it put up the “for sale” sign.

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