Nakheel PJSC, the Dubai World-owned property developer, plans to pay 1.5 billion dirhams ($408 million) of bills it owes to trade creditors next month, Chairman Ali Lootah was cited as saying by Al Bayan.
Nakheel plans to sell bonds by the end of the year to cover 60 percent of its total outstanding debt, the newspaper said. Some companies requested more time to study the settlement deals and Nakheel expects to receive approval from 95 percent of the firms by the end of the year, the newspaper said.
Nakheel PJSC, which is building palm tree-shaped islands off Dubai’s coast, said on July 14 a group of creditors unanimously supported a plan on altering the terms on $10.5 billion of loans and unpaid bills. The company expects to pay 40 percent of the money owed to trade creditors in cash and 60 percent through a tradeable sukuk, Nakheel said.
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