DUBAI, UAE: Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, announced that it has achieved 95% approval on its debt restructuring terms.
The remainder 5% represents only three creditors out of twenty seven and negotiations with them are currently underway. Amlak continues to work with creditors to resolve outstanding matters and in line with the Company’s broader strategy.
Commenting on the negotiation, Mr. Arif Abdulla Alharmi Albastaki, Managing Director & 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% 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% of our Islamic deposits liabilities relating to financiers and 92% of our Islamic deposit liabilities relating to liquidity support providers. ”