Friday, DGSE Companies Inc. (DGSE) said it had executed definitive agreements with the Receiver of Stanford International Bank, Ltd. or SIB that provide for SIB to convert all of its related debt, accrued interest and other expenses into DGSE common stock, thereby eliminating the entire obligation, and DGSE or its assignees to buy all of the equity interests owned by SIB. The agreements also terminate all existing agreements between the company and SIB.
The transaction is subject to the approval of the United States District Court for the Northern District of Texas, Dallas Division, as well as other closing conditions as set forth in a Form 8-K which will be filed by the company simultaneously herewith. It is anticipated that additional Form 8-Ks will be filed upon the occurrence of material events related to the matter.
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