Amlak Finance, listed on the Dubai Financial Market (DFM), is close to signing a debt restructuring deal for a second time, two sources familiar with the matter told Bloomberg.
The company seeks to reschedule repayments on $1.2 billion of loans with creditors over the originally agreed period to be ended in 2026, the sources said.
They noted that most lenders have approved the new terms but have not signed a final deal yet.
PricewaterhouseCoopers LLP acts as the advisor of about 28 creditors on their negotiations with Amlak, they added.
Amlak Finance previously posted a net profit of AED 2 million for the first quarter of 2019, down from AED 7 million in Q1-18.