Nakheel, a troubled Dubai-based developer, has paid Dh2.5bn ($681m) to trade creditors as it pushes towards agreement on Dh4bn in unpaid bills to contactors as part of the broader restructuring at Dubai World, its parent.
Ali Lootah, Nakheel’s chairman, told a local newspaper on Sunday that the developer had agreed claims with 80 per cent of its trade creditors as it pushes towards the 95 per cent threshold needed to finalise a restructuring agreement.
Under the restructuring agreement, contractors are to be repaid 40 per cent of their outstanding claims in cash, with the remaining 60 per cent issued in the form of an Islamic bond, or sukuk, that would be listed on NasdaqDubai, the international exchange in Dubai.
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