Developer hopes to achieve 95 per cent acceptance of all payables and claims by the end of the year
Dubai-based property developer Nakheel has claimed it has made AED3.4bn ($926m) of cash payments to trade creditors to date.
“[This] marks significant progress in our recapitalisation plan, following on from the initial payments to trade creditors of AED500,000 or less, which commenced in March 2010,” said a spokesperson from Nakheel on 30 September.
“Nakheel has approximately 85 per cent [by value] of acceptances and is working closely with the rest of our trade creditors to achieve its 95 per cent acceptance of all payables and claims by the end of the year,” the spokesperson added.
The developer also said it has appointed an independent claims consultant to begin assessment and evaluation of the estimated claims submitted by the various trade creditors.