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Nakheel bank debt $10.5 bln, to get assets-document

Dubai World to transfer some assets to Nakheel - document.


August 25, 2010 12:45 by

Dubai’s Nakheel has $10.9 billion of bank debt and will receive key assets from parent company Dubai World for its business plan after separation, a restructuring document showed on Wednesday.

The developer, which overstretched itself building islands in the shape of palms and other ambitious real estate, has $5.1 billion of trade creditor claims and $9.2 billion of customer liablities, the document obtained by Reuters showed.

The government will also pump $7.3 billion of new equity and equitise a further $5.3 billion of claims to recapitalise Nakheel, it said.

“Certain assets and businesses required for Nakheel’s business plan will be transferred from Dubai World Group to Nakheel,” the document said.

Assets to be transferred are Nakheel Harbour & Tower land, land at its Waterfront development which forms the security for the 2011 sukuk (an Islamic bond), Dubai World’s 50 percent stake in its Al Mamzar joint venture, Dubai World’s 99 percent stake in Nakheel Leisure LLC, Coastal Communities Distribution FZE and Retailcorp Entertainment FZE, according to the document.

Nakheel said on Tuesday it has repaid approximately 2.5 billion dirhams ($681 million) to contractors in July.

Under a restructuring proposal issued by Dubai World in March, Nakheel creditors would receive repayment through a mix of 40 percent cash and 60 percent tradeable security in the form of an Islamic bond.

The 40 percent is equivalent to 4 billion dirhams, a company spokesman told Reuters in July.

(Reporting by Amena Bakr; Writing by Jason Benham; Editing by Mark Potter)


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