Middle East jewelry retailer Damas International says it has reached a “standstill” agreement with most of its creditors and is working on a restructuring plan. The Dubai-based company did not outline in its statement Sunday how much debt was being addressed by the deal, but the local daily, The National, reported earlier this month the firm wanted to delay repaying some $872 million in debts. Last week, Damas was penalized by a Dubai watchdog for improper financial deals and lax corporate oversight. The sanctions included fines, the board's resignation, and voluntary bans on the three brothers who oversaw the business. They are required to make good on an earlier promise to repay neary $100 million in cash and 1,940 kilograms (4,277 pounds) of gold improperly taken from the firm.
