London-listed Petra Diamonds has, following consultation with certain key stakeholders, including its first and second lien creditors, decided to undertake a strategic review, which will include the consideration of all potential paths to address the liquidity needs of the business in the near term.
The review will consider a potential sales process of the company’s assets, among other potential measures.
Petra states that its board is finalising the appointment of a financial adviser in connection with the strategic review.
The company’s assets include the Cullinan and Finsch underground diamond mines in South Africa. The Finsch mine entered business rescue in May.
Meanwhile, José Manuel Vargas has resigned as chairperson with effect from October 1. Lerato Molebatsi has been appointed interim chairperson.