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DiamondWorks Ltd., Unveils Reorganization Plan

Jan 19, 2000 11:12 AM   By Tzipora Templeman
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(Rapaport…January 19, 2000) Canadian mining company DiamondWorks Ltd., unveiled its latest reorganization plan and some named its new investors. DiamondWorks will receive up to $5 million in loans from Lyndhurst Ltd., a private mine holding company, controlled by a consortium led by Antonio Teixeira. Lyndhurst will also sell Diamondworks its diamond trading company in the Central African Republic for $8.2 million in DiamondWorks’ stock. The companies said they also have an agreement that could see DiamondWorks acquire another Lyndhurst company, the Central African Mining Company, for $36.5 million in DiamondWorks’ stock within the next two years. DiamondWorks finances have been strained by civil wars in Angola and Sierra Leone, which have forced the closure of most of its diamond operations. The reorganization plan is subject to approval by regulators, DiamondWorks shareholders, and creditors.

Tags: Angola
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