Nakheel sees trade creditor debt deal within weeks

Nakheel sees trade creditor debt deal within weeks

By Shane McGinley

Sunday, 22 May 2011 8:56 AM

Indebted state-backed developer Nakheel aims to achieve 95 percent agreement among its trade creditors and issue the Islamic bonds required to finance its debt restructuring by the end of the second quarter.

More than 90 percent of trade creditors have agreed to a plan that would see Nakheel pay off its bills through a 40 percent cash payoff with the remaining 60 percent issued in the form of sukuk shares with an annual return of eight percent.

via Nakheel sees trade creditor debt deal within weeks – Real Estate – ArabianBusiness.com.

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