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.

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