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Dubai’s Nakheel sees restructuring completed by year-end

Trade creditors have been offered 40 percent of what they are owed in cash and the rest through an Islamic bond.


September 23, 2010 11:11 by

Dubai developer Nakheel expects to complete its debt restructuring by the end of 2010, its chief executive officer said on Thursday.

State-owned conglomerate Dubai World has reached near-unanimous approval for its $24.9 billion debt plan, it said in a statement this month. But Nakheel — its flagship property arm undergoing parallel negotiations — has yet to secure the backing needed for its plan.

“I expect the restructuring to be completed by the end of the year,” Chris O’Donnell told reporters on Thursday.

Under Nakheel’s debt plan, trade creditors have been offered 40 percent of what they are owed in cash and the rest through an Islamic bond, or sukuk.

On Tuesday, Nakheel said it has about 85 percent of acceptances, by value, for its debt restructuring deal and “is well on target to achieve its 95 percent acceptance of all payables and claims within the near future”.

(Reporting by Jason Benham; Writing by Dinesh Nair, Editing by Raissa Kasolowsky)


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