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Dubai’s Nakheel says repaid $926 mln to trade creditors
Trade creditors have been offered 40 percent of what they are owed in cash and the rest through an Islamic bond.
September 30, 2010 2:12 by Reuters
Dubai developer Nakheel said on Thursday it repaid 3.4 billion dirhams ($925.9 million) it owes to trade creditors, as part of its debt repayment plan.
“Nakheel has approximately 85 percent (by value) of acceptances and is working closely with the rest of our trade creditors to achieve its 95 percent acceptance of all payables by the end of the year,” it said in a statement.
Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the rest through an Islamic bond or sukuk.
The 40 percent is equivalent to 4 billion dirhams.
The builder of islands in the shape of palms off the coast of Dubai has recently restarted projects and expects to complete its debt restructuring by the end of 2010.