Amlak Finance PJSC, the Islamic mortgage company part-owned by Emaar Properties PJSC (EMAAR), is in talks with creditors to restructure about $2 billion of bank and government debt, two bankers familiar with the matter said.
The company is negotiating with a committee of five banks representing creditors, said the people, declining to be identified because the matter is private. PricewaterhouseCoopers LLP is advising Amlak on the talks, according to the people.
Shares of Amlak and Tamweel PJSC (TAMWEEL), another Dubai-based Islamic mortgage company, were suspended in November 2008 after the global credit crisis blocked their access to borrowings. Amlak reported a third-quarter loss of 40 million dirhams ($11 million in 2011, the last time the lender disclosed financial results, according to filings on the Dubai Financial Market.
Dubai Lender Amlak Said to Restructure $2 Billion Bank Debt - Bloomberg
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