Jeweller Damas International said on Sunday that it has extended the payment date for 600 million dirhams ($163.4 million) owed by its founders, the Abdullah brothers, by another month.
The deadline is now May 31, Damas said, adding that an agreement with the brothers to liquidate certain assets to repay the company had been approved by all but one bank creditor so far. Damas did not name the lender.
Last month, the Dubai-based jeweller extended the payment date to April 30 to give more time for parties involved in the the agreement to sign up.
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