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Nakheel debt plan
Source: Agencies |
December 30, 2010, Thursday
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THE struggling real estate developer behind Dubai's man-made islands yesterday said it has support from more than 90 percent of its non-bank creditors for its debt restructuring plan.
Nakheel, a division of debt-laden state conglomerate Dubai World, has been trying for months to convince creditors to accept new repayment terms on at least US$10.5 billion in unpaid bills. It had hoped to complete the process by year's end, but now looks likely to miss that target.
The company is negotiating with financial creditors such as banks, as well as with dozens of trade creditors, including contractors and suppliers, still waiting to receive long-delayed back payments.
The goal was to sign on at least 95 percent of its trade creditors by the end of this year in order to move forward with its turnaround plans.
Nakheel is offering 40 percent of their claims in cash and the remainder in a type of tradable bond.
Nakheel, a division of debt-laden state conglomerate Dubai World, has been trying for months to convince creditors to accept new repayment terms on at least US$10.5 billion in unpaid bills. It had hoped to complete the process by year's end, but now looks likely to miss that target.
The company is negotiating with financial creditors such as banks, as well as with dozens of trade creditors, including contractors and suppliers, still waiting to receive long-delayed back payments.
The goal was to sign on at least 95 percent of its trade creditors by the end of this year in order to move forward with its turnaround plans.
Nakheel is offering 40 percent of their claims in cash and the remainder in a type of tradable bond.
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