Nakheel secures over 98% restructure approvals

10 Jun 2011

(MENAFN) Nakheel company said that it gained more than 98 percent approval from banks for its USD10.9 billion loan debt restructuring plan, reported Emirates 24/7.

The real estate developer added that it would carry on with the completion phase of the restructuring after it would gain the approval from the other remaining banks, adding that the restructuring plan would include a consequent issuance of Sukuk (Islamic bonds) to Nakheel’s trade creditors.

It also said that even though 91 percent of the company’s trade creditors gave approval to the deal, it still needed to reach a 95 percent restructuring limit to push the proposal through among trade creditors.

It is worth noting that under Nakheel’s restructuring plan, trade creditors would receive repayment through forty percent cash and sixty percent in the form of a USD1.63 billion Islamic bond which would be expected by the end of the first half.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more