New Bank Agreement For Duro Industries
Duro Industries, Fall River, Mass., has negotiated new bank terms that significantly reduce the
companys outstanding debt. The new agreement is for a three-year term and was reached between Duros
owners and a consortium of seven banks. The agreement reduces Duros debt from approximately $86
million to $46 million. As a result, the banks will hold a majority stake in the equity of the
company.Andraus, president, said that the new agreement, combined with some new contracts which
Duro has won over the last few months, means stable employment levels at Duro for the near future.