(MENAFN) Dubai mortgage lender Amlak Finance announced that its twenty-eight creditors approved a plan to restructure its debt, Gulf Daily News reported.
Amlak, in which Dubai's biggest developer Emaar Properties owns a 45 per cent stake, did not give the size of the debt being restructured, but bankers have estimated it at about USD2.7 billion.
All creditors had been seeking a deal with the Islamic lender, which had its shares suspended from trade on the Dubai Financial Market in November 2008 as the crash ravaged its finances.
"The committee expects the restructuring to be completed and fully implemented in 2014, allowing Amlak's shares to be re-admitted for trading on the DFM in early 2015," the company said in a statement.
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