Petra Diamonds has confirmed that Daniel Theodorus Van Jaarsveld and Luke Bernard Saffy have been appointed as business rescue practitioners for the Finsch Diamond Mine in South Africa.
It said the practitioners have taken over custodianship of the mine and will now meet all legal requirements under the business rescue process, including the formulation of a Finsch‑specific business plan to be put to creditors for a vote.
In agreement with the practitioners, Finsch has begun suspending production activities effective this week.
This interim step will remain in place until the business plan is completed and the way forward has been agreed upon between the practitioners and creditors.
Petra said it also completed a formal bond consent solicitation process on 5 June 2026, securing consent from more than 50% of holders of the senior second lien notes.
A supplemental indenture was executed to implement waivers ensuring that the Finsch business rescue and any potential non‑compliance with minimum liquidity requirements will not result in a default under the notes.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
