Reports: Damas close to signing debt standstill agreement

Dubai-based jewellery retailer Damas International, is believed to be on the verge of signing a Dhs4bn debt standstill agreement, The National has reported. The company is working towards an official agreement, under which it will defer its principal loan payments until May 31, but still accrue interest, a source told the newspaper. The banks believe the 'core business of the company continues to be sound', the source said. Terms of a formal standstill may be reached in the next two weeks. The firm may also name a partner at PricewaterhouseCoopers as its chief restructuring adviser, the source added.