Nakheel pays Dh4.6b to trade creditors

posted on 30/03/2011: 97 views

Nakheel has settled Dh4.6 billion of the total amounts due to creditors so far, a spokesman of the company said. Meanwhile, well-informed sources revealed that the remaining debt would be settled by means of Dh6 billion worth of bonds to be issued during the second quarter of this year after Nakheel had obtaining the total approvals required from all the creditors who started last week signing the final restructuring agreements.

The sources pointed out that all the bonds would be issued in one phase but would be distributed among the creditors over a period of 2-3 months.

Nakheel emphasised that it is committed to settling all the existing and new claims of creditors by or before the due date.

According to contractors, Nakheel made great strides in making a success of the restructuring plan and became a few days away from fulfilling all its obligations towards all creditors. Nakheel is also making advances towards fulfilling its obligations towards individual buyers and investors in its development projects by resuming work in 9 projects that are likely to rise to 12 projects, they said.

Creditor banks were now in the final stage of reviewing Nakheel's final offer, they said, adding that the final creditors are expected to announce their approval and reach a final agreement shortly.

Last week, Nakheel stated that it expects to complete the restructuring process before the end of the first half of 2011. – The Gulf Today

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