Dubai’s Amlak Close to Restructuring $1.2 Billion With Creditors
- Most creditors have agreed to reschedule repayments on loans
- Mortgage company is struggling as property downturn continues
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Dubai-based Islamic mortgage provider Amlak Finance PJSC made “significant progress” on securing new terms for $1.2 billion of debt and expects to reach an agreement by the end of the year.
Amlak is negotiating new restructuring terms with creditors that will “allow more flexibility to adapt to current market conditions” and boost growth, the company said in a statement on Tuesday after Bloomberg reported that it was close to securing a deal.