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FINANCIAL NEWS
Damas International renews standstill deal
20 Sep 2010
(MENAFN) Anan Fakhreddin, Chief Executive Officer of Damas International Ltd, a Dubai-based leading jewellery retailer, said that the company has extended a standstill agreement with its creditors for two months, Khaleej Times reported.
The embattled Damas, which runs 400 stores in several countries, has been extending the standstill agreement since reaching an accord with creditors where it posted a full-year net loss of $52 million.
Overwhelmed by scandals involving millions of dollars in unauthorized transactions by its founders, Damas has been in talks with some 20 banks to restructure its $872 million debt for several months.
Damas would continue to move forward with its financial reformation, demonstrating the confidence of its bank lenders in the strength of the company?s underlying business model, Anan Fakhreddin added.
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