Dubai-based developer is restructring $24.9bn of debt
Chris O’Donnell, chief executive of Dubai-based developer, Nakheel has said the firm’s $24.9bn debt restructuring is expected to be completed by the end of 2010, Reuters has reported. Under Nakheel’s debt plan, trade creditors have been offered 40 per cent of what they are owed in cash and the rest through an Islamic bond, or sukuk. Last Tuesday, Nakheel said it has about 85 per cent of acceptances, by value, for its debt restructuring deal and “is well on target to achieve its 95 per cent acceptance of all payables and claims within the near future.”
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