Dubai’s Nakheel presents restructuring plans

Nakheel, the company behind some of Dubai’s most famous landmarks, presented detailed restructuring plans to creditors on Wednesday. It is seeking to extend maturities on $10.5bn in debts amid a government-backed recapitalisation for the troubled developer and Dubai World, its parent.

Around 20 banks attended a meeting at the Atlantis hotel on the Palm Jumeirah, Nakheel’s flagship project.

Nakheel has agreed terms with its major lenders on a coordinating committee – Barclays, National Bank of Abu Dhabi and Dubai Islamic Bank – and will now seek to persuade the other creditors over the coming months.