Jeweller Damas International said on Monday it has signed a repayment agreement with its founding Abdullah brothers and creditors that clears the way for selling certain assets of the founders.
On Sunday, the jeweller extended the payment date for 600 million dirhams ($163.4 million) owed by the Abdullah brothers by another month to May 31.
'The Cascade Agreement provides the legal framework for an orderly liquidation of, and realisation of cash proceeds from the sale of, the assets of the Abdullah Brothers Group,' Damas said in a statement on Monday.
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