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Amlak to propose loan extension, 30% debt cut
- United Arab Emirates: Monday, May 13 - 2013 at 07:30
Amlak Finance, the Dubai-based Islamic mortgage lender restructuring more than $2bn of loans, has proposed to extend by 15 years the maturity of the debt and reduce the amount by 30%, Bloomberg has reported, citing two people familiar with the matter. Amlak, part-owned by Emaar Properties, will make earlier payments if cash flow allows, said the people. The creditor committee, which is being advised by PricewaterhouseCoopers, should respond to the company with an indicative term sheet this month, one of the people said. The current business plan of Amlak, which is estimated to owe about Dhs10bn ($2.7bn), is to refocus on mortgage lending rather than developing properties, the people said.
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