Damas International Ltd., a Dubai- based jewelry retailer, extended a standstill agreement with its creditors to Nov. 30.
The standstill has been extended because of holidays and the company’s steering committee of bank lenders has in principle approved the extension, Damas said in a statement to Nasdaq Dubai today. The company is in the final stages of negotiating a so-called cascade agreement with its founder Abdullah Brothers, Damas Real Estate LLC and Damas Investments Ltd., and the bank creditors of the Abdullah Brothers Group, it said.
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