Duro Industries, Fall River, Mass., has negotiated new bank terms that significantly reduce the company's outstanding debt. The new agreement is for a three-year term and was reached between Duro's owners and a consortium of seven banks. The agreement reduces Duro's debt from approximately $86 million to $46 million. As a result, the banks will hold a majority stake in the equity of the company. Andre Laus, 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.
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