Damas extends standstill agreement with banks

Damas International Limited has announced that it has signed an extension to the standstill agreement with the majority of its lenders.

The agreement has been extended until September 30 to allow the company to finalise its restructuring plan. The decision was also taken keeping in mind the Ramadan period.

The company has agreed to a term sheet with the steering committee of its lenders, which has now been sent to the entire lender group for approval.

The company claimed that a majority of its bank lenders have approved the extension.