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Wed 26 Nov 2014 01:21 PM

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Dubai's Amlak signs financial, debt restructuring deal

Amlak's shares have been suspended since November 2008; previous revival attempts have failed

Dubai's Amlak signs financial, debt restructuring deal

Dubai's Amlak Finance said on Tuesday it had signed a $2.7 billion debt and financing restructuring deal with creditors.

The Islamic mortgage lender has been negotiating with creditors to finalise the deal, which was approved by shareholders in September. Finalising the documents completes the process, it said.

"Amlak will continue to work in positioning itself for future long-term growth and restructuring its business operations while also ensuring we work within the agreed parameters of the restructuring package," Amlak Chief Executive Arif Alharmi said in a statement.

Amlak's shares have been suspended since November 2008 and the global financial crisis and a local real estate crash, and a number of attempts to revive the firm since then have failed.

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