Damas extends debt standstill deal

Jewellery retailer Damas International said on Thursday it had extended to September 30 its standstill agreement with lenders on $872 million in debt.Damas said creditor banks had approved the extension, adding it had sent a term sheet to its entire lender group for approval.. Fashion accessories are decorative items that supplement one's garment, such as fashion jewellery,womens accessories,jewellery rings,gold jewellery,women's jewellery.You can wholesale jewellery. The extension will allow the company to finalise its restructuring plan, Damas said in a statement.Damas, which has been beset by scandals involving $165 million in ‘unauthorised transactions, allegedly by its founders, has been in talks with banks to restructure its debt for several months.
Damas, which runs 450 outlets across the region, reached the standstill agreement with creditor banks in March as it continued to work on a restructuring plan. As part of the plan, Damas named nine new board members in April.
The agreement was subsequent to an order by Dubai Financial Services Authority (DFSA) to dismiss its board and pay fines after the company accused its former head of involvement in “unauthorised” transactions amounting to $165 million. A DFSA investigation found out that the Damas board did not exercise appropriate governance after key executives drew down reserves without approval.The regulator said that the Abdullah Brothers owed the company $99.4 million cash plus the value of 1,940 kilogrammes of gold.The DFSA also fined Damas Dh2.. fashion accessories are decorative items that supplement one's garment, such as fashion jewellery, gloves and tights.Je57 million on March 21 after an inquiry found that Damas owners, the Abdullah brothers, withdrew about Dh365 million without board approval.
The DFSA also had banned the Abdullah brothers, including Ta. The idea that a small Necklace is dangerous to patients is at best absurd.wfique and Tamjid,The chanel jewelry is one of the hottest brands among the Hollywood elite. from the board of any DIFC company for 10 years and fined them a total of $3 million after they were found to have withdrawn Damas funds for their own personal use without disclosing it to the board.Damas is dealing with nearly 20 banks, including international players such as France’s BNP Paribas and Britain’s Barclays as well as local lenders, according to a financial statement released in December.
Damas is primarily involved in the business of trading in gold and gold jewellery, diamond jewellery, pearls, watches, silver and precious stones on a wholesale and retail basis.