Nakheel PJSC, the Dubai World-owned property developer, paid 2.5 billion dirhams ($681 million) of bills it owes trade creditors, Chairman Ali Lootah was cited as saying in an interview with Al Khaleej.
About 80 percent of its trade creditors have agreed to new payment terms, the newspaper said, citing Lootah. Nakheel said on June 30 it had begun settling bills from its biggest trade creditors, involving a payout of 4 billion dirhams. The company is waiting for a final response from bank creditors on restructuring its obligations, Lootah was quoted as saying.
Nakheel PJSC said on July 14 a group of its creditors “unanimously supported” a proposal on altering the terms on $10.5 billion of loans and unpaid bills. The terms are supported “in principle” by the coordinating committee of its creditor banks and Nakheel expects to complete the restructuring over the “coming months,” the company said.
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