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.
Libya lifts visa ban on 25 European nations after resolution of dispute with Switzerland TRIPOLI, Libya (AP) - Libya has lifted a visa ban on travelers from 25 European nations after the resolution of a diplomatic row that began with Switzerland.
Libya's Foreign Ministry says it scrapped the measure after the European Union blocked a Swiss proposal for a visa blacklist against nearly 200 senior Libyan officials, including leader Moammar Gadhafi.
The Libyan ban was issued in February and caused particular concern in European nations with heavy oil investments in the country.
The ban was an escalation of a dispute that began in 2008 when Swiss authorities arrested Gadhafi's son Hannibal and his wife for allegedly beating up their servants in a Geneva hotel.
Libya on Saturday applauded the EU decision to drop the Swiss blacklist proposal.
