Atlas Jewellery debt resolution plan hits stumbling block -sources:
"Three banks are blocking a deal aimed at resolving the close to 500 million dirhams ($136.1 million) debt troubles of Dubai-based Atlas Jewellery, banking sources said.
Atlas, which once had more than 50 retail branches across the Gulf and India, defaulted on loans in 2015 and its owner, M. M. Ramachandran, was sentenced to a three-year jail term for writing cheques without sufficient funds for them to clear.
Since then banks have struggled to secure repayment, leading to the United Arab Emirates central bank trying to broker a deal that would put on hold legal action against Ramachandran so he could be released from jail to facilitate asset sales to repay banks while restructuring the company’s remaining debt, the sources said."
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