"Nakheel, the property developer behind Dubai's palm-shaped islands, has proposed repaying its bank debt after five years and one outstanding $1.85 billion syndicated Islamic loan after seven, a source close to the company said.
Bankers have until the end of August to respond to undisclosed terms of Nakheel's multi-billion dollar restructuring plan, including the rates of interest and repayment schedules for syndicated and bilateral loans.
The source said under the plan, repayment of Nakheel's $1.85 billion Islamic loan, due 2012, would take seven years while all other bank lending debt would be paid after five years."
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