Damas International nears settlement of AED 35 million potential debt

By Caroline Salls

Pittsburgh, Nov. 2 - Damas International Ltd. is in the final stages of negotiations for the resolution of an up to AED 35 million known potential liability, according to a news release.

The company said the resolution would come following ongoing discussions.

With the co-operation of relevant parties, including its lenders, Damas said it expects the settlement to be finalized and signed soon, according to the release.

The amount of the potential liability may be reduced by the proceeds of the sale of an asset that has been held as collateral by Damas' creditor for some time.

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

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