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Sun 18 Jul 2010 12:44 AM

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Damas lenders agree to restructure $1.08bn debt

Company and creditors agreed on an interest rate lower than the market rate.

Damas lenders agree to restructure $1.08bn debt
DEBT RESTRUCTURE: Dubai based Damas International Ltd has agreed a deal with creditors to restructure a $1.08bn debt. (Getty Images)

Damas International Ltd, a Dubai based jewelry retailer, agreed with its creditors to restructure $1.08 billion debt, al Bayan newspaper reported citing chief executive officer Anan Fakhreddin.

The company and its creditors agreed on an interest rate lower than the market rate, Fakhreddin said, according to a summary of an interview with al Bayan, which the newspaper said will be published tomorrow.

Damas also reached and agreement with its founders, the Abdullah brothers, to pay back $163.3 million in three installments, the newspaper reported.

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