Nakheel after having secured 98 per cent approval for its $10.9 billion debt restructuring plan, has agreed to pay Dh5 billion to its trade creditors. The company aims to reach its 95 per cent restructuring threshold with a significant recapitalization plan. Under the restructuring proposal, trade creditors would receive repayment through 40 per cent cash and 60 per cent in the form of a $1.63 billion Islamic bond, which is expected to be paid by the end of the first half. The developer also repaid its $750 million sukuk on its maturity date on January 16 this year.
In March, the company had paid Dh4.6 billion to the trade creditors.
Nakheel also stated that it will separate from Dubai World to become a government-owned entity after June.
Source: Emirates 24/7