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Bloomberg
Amlak Finance PJSC is nearing a deal to restructure debt for a second time, 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. Amlak is restructuring its debt again after it agreed to new terms on $2.7 billion of loans in 2014.
Emirates NBD, Standard Chartered Plc, Dubai Islamic Bank PJSC, Abu Dhabi Islamic Bank PJSC, Dubai’s Department of Finance and the National Bonds Corp. PJSC are among creditors.