Wednesday, 23 March 2011

Dubai's Nakheel sees restructuring process done by H1 | Reuters

Dubai World's [DBWLD.UL] property arm Nakheel expects its $10.9 billion debt restructuring process to be completed by the first half of 2011, it said on Wednesday.

Nakheel, which has been in negotiations with both trade creditors and banks to repay its debt obligations, said it will soon issue restructuring agreements, including a term sheet for an Islamic bond offering, to trade creditors that have signed on to its restructuring plan.

Under Nakheel's restructuring proposal, trade creditors will receive repayment through 40 percent cash and 60 percent in the form of an Islamic bond, or sukuk. It has said that 91 percent of its trade creditors have given the deal a stamp of approval.

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