91pc trade creditors agree to debt plan: Nakheel
Dubai, December 29, 2010
Troubled Dubai developer Nakheel, a unit of conglomerate Dubai World, on Wednesday said 91 per cent of trade creditors have agreed to its restructuring proposal.
'... 91 per cent(by value) of trade creditor accounts payable has been finalized in signed Restructuring undertakings,' a Nakheel spokesperson said in a statement.
The company said it will continue to work to achieve the required 95 per cent 'restructuring threshold.'
Under the terms of its $10.9 billion restructuring proposal, trade creditors will receive 40 per cent in cash and 60 per cent repayment through an Islamic bond with a 10 per cent return.
The firm had earlier said that 85 per cent of its trade creditors agreed to the debt deal. – Reuters