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Dubai’s Nakheel repays $681m to creditors

22 Aug 2010

(MENAFN) The Chairman of Dubai property developer Nakheel said that the company has repaid $680.8 million to contractors in July, out of the $1.09 billion it owes to creditors, Reuters reported.

Nakheel has the approval to restructure from 80 percent of its creditors and has no plans to sell assets, Ali Rashid Lootah said in an interview.

Under a restructuring proposal issued by its parent company 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 builder of man-made islands shaped like palms said it began cash payments to trade creditors in a statement issued on June 30. The 40 percent is equivalent to $1.09 billion.

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