Nakheel inches closer to approval of debt restructuring

Ahram Online, Thursday 30 Dec 2010

Nakheel, the real estate giant of Dubai, has reached 95 per cent approval by trade creditors of its debt restructuring plan

Nakheel, the real estate landmark of Dubai, has now obtained 91 per cent support (by value) of its trade creditors for its debt restructuring plan, the company announced Wednesday in a statement. Nakheel aims to achieve 95 per cent approval, the statement added.

It had previously been reported that the company wanted to pass the 95 per cent threshold before end of 2010.

In early October 2010, Nakheel’s chairman announced that the company had the consent of 85 per cent of its trade creditors for its proposed debt restructuring, in line with the restructuring proposal sent to creditors in April 2010, along with a “good percentage” of its bank creditors.

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