Dubai’s Damas near USD9.5m liability settlement

03 Nov 2011

(MENAFN) Dubai-based Damas International affirmed it was in the final stages of negotiations with third party creditors over a USD9.5 million debt settlement, Arabian Business reported.

Damas deals with gold and gold jewellery, diamond jewellery, pearls, watches, silver and precious stones on a wholesale and retail basis.

The troubled jeweller explained that the amount may be reduced through selling an asset which has been held as collateral by the creditor.

Damas said in October it is mulling selling some assets of its founders within three years as part of a USD163.4 million repayment agreement.

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