Nakheel offers lenders asset guarantees

24 Apr 2011

(MENAFN) UAE-based Nakheel’s chairman, Ali Rashid Lootah, said that the company proposed real estate assets as guarantees to lenders as the company is trying to restructure its debt which total to USD10.9 billion, reported Al-Ittihad.

Lootah said that offered assets would have a values equivalent to the debt owed to lenders.

Lootah said that the company is capable of committing to all it financial liabilities, and that the new offer to lenders stresses this point.

It is worth noting that Nakheel held separate debt talks with its bank and trade creditors and would eventually be separated from Dubai World to become a full government subsidiary.

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