Nakheel Seeks Claims Experts to Help Speed up Payment of Bills - Bloomberg.com

Nakheel PJSC, the Dubai World unit that’s restructuring $10.5 billion of debt, is seeking consultants to assess the company’s unpaid bills to contractors and suppliers so it can speed up payments.

The developer of palm-shaped islands off Dubai’s coast published advertisements in newspapers including Khaleej Times inviting claims consultants to bid for contracts to review “claims related to Nakheel’s various construction, consultancy, supply and other contracts.”

Nakheel and Dubai World are renegotiating terms on a combined $24.8 billion of liabilities after Dubai property prices slumped by 50 percent and a seizure of global credit markets made it more difficult for Dubai-owned companies to borrow to pay maturing debt. Dubai’s government in March pledged to give $8 billion to Nakheel to help it pay contractors and suppliers and complete projects.