Nakheel PJSC, the developer of palm- shaped islands off Dubai’s coast, is in preliminary talks with Nasdaq Dubai to list Islamic bonds and is confident of reaching an accord with its creditors by the year end, its chairman said.
“We are in the final stages of negotiation and we are confident we will reach an agreement,” Ali Rashed Lootah told reporters in Dubai today. Lootah said a “good percentage” of bank creditors have agreed to the company’s plan to alter the terms on more than $10 billion of debt and contractor claims.
The developer, which appointed an independent consultant to start evaluating claims by trade creditors, said it paid trade creditors 3.4 billion dirhams ($930 million) as the company restarts work on stalled projects across the emirate. Nakheel plans to pay creditors 40 percent in cash with the rest through a tradable Islamic bond, known as sukuk.
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