American Water Star Inc. has reached an agreement with Laurus Master Funds Inc. in relation to the water company's restructuring programme. The company said yesterday (10 August) that it is now in full compliance with its terms with Laurus, and is no longer in default on its debt covenants with the company.

"We are pleased to have completed this significant milestone in our turnaround at American Water Star," said CEO, Roger Mohlman. "The co-operation from Laurus was unprecedented, and is clearly a reflection of their support of our business."

Mohlman added that sales of the company's private label waters, known as Desert Ice and Vegas Ice, are continuing "their unprecedented growth" in the Las Vegas area, on the back of repeat orders from key retailers.