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.”
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.