UAE's Damas nears debt standstill deal with banks | Reuters

UAE-based jeweller Damas International DAMAS.DI expects to sign an extension with lenders to its standstill agreement on $872 million of debt by the end of next week, its chief executive said on Thursday.

"The standstill is in the final stages of being extended until the end of September," said Anan Fakhreddin. "Everybody is in agreement." The extension would serve as an "interim arrangement to negotiate" debt restructuring, he added.

Damas has been in talks with banks to restructure its debt and has been operating under a standstill agreement. The lenders, some 20 banks, include foreign names like Barclays (BARC.L) and BNP Paribas (BNPP.PA).