Dubai's Amlak Close to Restructuring $1.2 Billion With Creditors - Bloomberg:
Amlak Finance PJSC is nearing a deal to restructure debt for a second time as the Dubai-based Islamic mortgage provider navigates an ongoing property slump, according to two people with knowledge of the plan.
The company is asking creditors to reschedule repayments on $1.2 billion of loans over the originally agreed period that ends in 2026, said the people, asking not to be identified because the information is private. Most lenders have agreed to the new terms but a final deal hasn’t been signed, they said.
PricewaterhouseCoopers LLP is advising a group of about 28 creditors on their negotiations with Amlak, the people said. A spokeswoman for Amlak declined to comment.
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