Damas International, the largest gold jewellery retailer in the Middle East, said on Sunday it reached an agreement with a committee of bank lenders on a debt restructuring involving $817m of loans.
The firm has extended a standstill agreement with its lenders to 31 March 2011, it said in a statement to Nasdaq Dubai, to allow time for the debt deal to be approved by other banks.
“Damas International Limited announces today that the steering committee of its bank lenders has agreed to extend the standstill period for such banking facilities… to 31 March 2011,” in said in the statement. "[Damas] has reached agreement with their steering committee of bank lenders, with respect to the form of the facility agreement ."
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