Damas delays repayment by founders again

Damas has extended the payment date by another month for 600 million dirhams ($163.4 million) owed by its founders, the Abdullah brothers. 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. Damas extended the payment date last month to April 30 to give more time for parties involved in the agreement to sign up.