Damas International lenders extend standstill agreement to Nov. 30

By Caroline Salls

Pittsburgh, Sept. 30 - Damas International Ltd.'s standstill agreement with a steering committee of its lenders has been extended to Nov. 30 from Sept. 30, according to a company news release.

A company spokesman said in the release that "the agreement of the steering committee to the standstill extension shows once again the confidence that the bank lenders have in the restructuring process and the strength of the underlying business model of the company."

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

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