Nakheel, the real estate arm of debt-laden conglomerate Dubai World has paid AED5bn ($1.36bn) in overdue payments to its trade creditors, the company said Sunday.
The developer, which is seeking to delay some $10.5bn of debt, said last week it had won near-unanimous approval from trade creditors representing 95 percent of the debt.
“[The payment] marks significant progress in our recapitalization plan, following on from the initial payments to trade creditors of AED 500,000 or less, which commenced in March 2010,” the company said in an emailed statement.
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