Amlak in talks with creditors to restructure $2bn debt
- United Arab Emirates: Wednesday, January 16 - 2013 at 07:08
UAE-based Islamic mortgage lender Amlak Finance is in talks with creditors to restructure about $2bn of bank and government debt, Bloomberg has reported, citing two bankers familiar with the matter. 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 is advising Amlak on the talks, according to the people. Government plans to merge Amlak and the country's second Shari'ah-compliant mortgage firm, Tamweel, were abandoned after Dubai Islamic Bank increased its stake in Tamweel to 58%.
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