Damas International signs agreement with lenders of 93% of bank debt

By Caroline Salls

Pittsburgh, Feb. 14 - Damas International Ltd. has signed a facility agreement with lenders representing 93% of its bank debt, according to a company news release.

The company announced on Jan. 31 that it had reached an agreement with a steering committee of bank lenders on the form of a facility agreement related to the restructuring of the company and its loans.

In order to give the company and the steering committee enough time to obtain final approval of the facility agreement, the committee agreed in principle to extend a banking facility standstill agreement to March 31.

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

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