United Arab Emirates' Damas to wrap restructuring after standstill

By Caroline Salls

Pittsburgh, March 29 - Damas International Ltd. has signed a standstill agreement with a majority of its bank lenders, according to a company news release.

The company said it is developing a restructuring plan, which will be implemented at the end of the standstill period.

"This is a significant, positive announcement, demonstrating the confidence of the company's bank lenders in the strength of the underlying business model of Damas, the leading retail jewelry company in the Middle East," a company spokesperson said in the release.

"This agreement is also noteworthy in that it not only validates Damas' long-term business strategy and strong fundamentals, but also places belief in the new systems and structures being established within the company to ensure compliance with the highest standards of corporate governance.

"As the company moves forward with the finalization of its restructuring plan, it continues to maintain an enduring focus on developing an exquisite product suite."

Damas is a Dubai, United Arab Emirates-based jewelry company.

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