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FINANCIAL NEWS
Dubai’s Damas restructures $817m of debt
01 Feb 2011
(MENAFN) Damas International chief executive, Anan Fakhreddin, said that the jewellery retailer finalized a $817 million debt restructuring deal with a consortium of its creditors, reported The National.
Damas also stated that it extended its debt payment until the rest of its over twenty creditors sign the agreement, which was scheduled for February.
Under the new agreement, Damas would pay back $272 million over six years and use the rest as working capital.
It is worth noting that the company had been previously pushing for a restructuring deal with creditors as it struggled to stay in business.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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