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Tuesday, 3 January 2017

Dubai mortgage lender Amlak renegotiates part of 2014 debt deal | Reuters

Dubai mortgage lender Amlak renegotiates part of 2014 debt deal | Reuters:
"Dubai's Amlak Finance said on Tuesday that it had renegotiated parts of a debt restructuring which the Islamic mortgage provider agreed with creditors following the local property market crash of 2008.

Amlak, in which Dubai's biggest developer Emaar Properties owns a 45 percent stake, reached a debt restructuring deal in 2014 following a government cash injection and six years of negotiations with creditors.

At the time, Amlak did not give the size of the debt being restructured, but bankers estimated it at about $2.7 billion."

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