Damas International has been forced to extend its payment standstill on more than Dh3 billion (US$817 million) of debt for a sixth time, as not all of its lenders have signed the agreement.
The largest gold and jewellery retailer in the Middle East announced yesterday that it had reached an agreement with some of its more than 20 lenders but was giving the remainder until the end of March to reach a decision.
"In order to allow the company and the steering committee sufficient time to obtain the final approval and signature of the bank lenders … the company considered that it was prudent to extend the standstill period," Damas said in a filing with Nasdaq Dubai.
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