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Nakheel to pay $408m to creditors in September

30 Aug 2010

(MENAFN) The Chairman of Nakheel PJSC, the Dubai World-owned property developer, said that the company plans to pay $408 million of bills it owes to trade creditors next month, Bloomberg reported.

He said in an interview with a local newspaper that Nakheel plans to sell bonds by the end of the year to cover 60 percent of its total outstanding debt.

Some companies requested more time to study the settlement deals and Nakheel expects to receive approval from 95 percent of the firms by the end of the year, the newspaper said.

Nakheel PJSC, which is building palm tree-shaped islands off Dubaiï¿½s coast, said on July 14 a group of creditors unanimously supported a plan on altering the terms on $10.5 billion of loans and unpaid bills.

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