The retailer Damas may soon be able to focus on making the gold jewellery it is best known for rather than dealing with the restructuring of its finances.
The publicly listed retailer has signed a "facility agreement" to restructure its more than Dh3 billion (US$817 million) of debt, with 93 per cent of the outstanding amount owed to banks, it announced on the Nasdaq Dubai website yesterday.
The agreement was signed yesterday morning, said Anan Fakhreddin, Damas's chief executive. More than 20 banks are on board, but about four lenders have yet to sign on, said a source familiar with the matter.
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