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FINANCIAL NEWS
Nakheel finalized agreements with 91% of creditors
30 Dec 2010
(MENAFN) Nakheel, the Dubai government-owned company which constructed Dubai’s palm shaped island, issued a statement saying that the company finalized payment agreements with 91 percent of its trade creditors in attempts of postponing payments of over ten billion dollars of loans and bills, reported Times of Oman.
The statement added that that the company would keep on working towards achieving agreements to restructure 95 percent of its credit. The restructuring comes after the global financial crisis left the company struggling to pay creditors.
Nakheel paid trade creditors so far a total of $930 million and stated that the company would resume work on delayed projects in Dubai.
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