By Sam Bridge
Amlak Finance has announced that it has achieved 95% approval from creditors on its debt restructuring terms
Dubai-based Islamic mortgage provider Amlak Finance has announced that it has achieved 95 percent approval on its debt restructuring terms.
The remainder 5 percent represents only three creditors out of 27 and negotiations with them are currently underway.
Amlak said it continues to work with creditors to resolve outstanding matters and in line with the Company’s broader strategy.
Amlak, in which Emaar Properties holds a 45 percent stake, is restructuring its debt again after it agreed to new terms on $2.7 billion of loans in 2014.
Arif Abdulla Alharmi Albastaki, managing director and CEO of Amlak said: “I am delighted to report that Amlak has made remarkable progress in the debt restructuring negotiations with its creditors.
"Reaching the 95 percent approval rate was challenging and pushed us to create innovative solutions to satisfy the different type of creditors we are dealing with.
"As we work to complete the negotiations with the remaining creditors, I am confident that we will receive their approvals shortly and the resolution will be in the benefit of Amlak and all parties involved.
"We have already paid 42 percent of our Islamic deposits liabilities relating to financiers and 92 percent of our Islamic deposit liabilities relating to liquidity support providers."