Nakheel gains majority approval on debt restructuring

11 Jun 2011

(MENAFN) A spokesperson of the Dubai-based Nakheel said that the company secured a near-unanimous approval from lenders on the company’s restructuring plan, reported Arabian Business.

The spokesperson added that it is very likely for the company to gain the approval of remaining lenders soon this month.

The developer has a total of USD10.9 billion of debt and would pay back 60 percent of its outstanding debt to trade creditors through the sale of a USD1.63 billion Islamic bond.

It is worth noting that Nakheel confirmed in April it had stopped selling real estate units in Dubai.

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