Dubai's Damas says close to resolving $9.5m debt - Retail - ArabianBusiness.com

Troubled Dubai-based jeweller Damas International said on Wednesday it was in the final stages of negotiations with third party creditors in a bid to resolve a AED35m ($9.5m) liability.

Without identifying the creditor, Damas said in a statement that the amount may be reduced by the proceeds of selling an asset which has been held as collateral by the creditor.

"The company is currently negotiating the settlement terms with a view to entering into a settlement agreement, but have not yet signed a binding agreement," Nasdaq Dubai-listed Damas added.

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