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Damas extends standstill deal with majority of banks
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Thu July 22, 2010 3:23 pm
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UAE. Damas International Ltd., a Dubai-based jewellery retailer, signed an extension to a standstill agreement on debt with most of its bank creditors.

The standstill accord has been extended until September 30 to allow the company to complete its restructuring plan, Damas said in a statement to Nasdaq Dubai today. “The company has agreed a term sheet with the steering committee of its bank lenders and which has now been sent to the entire lender group for approval,” it said.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 2, 2010
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
date:Posted: September 1, 2010
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
date:Posted: September 1, 2010
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.