Nakheel to complete debt restructuring by year-end
The developer is hoping to mobilise all short-term projects next month
Cash-strapped developer Nakheel has announced that it hopes to complete all of its debt restructuring by the end of 2010.
Speaking to Dow Jones reporters on-site at the Al Furjan development, recently restarted after months of delays over payment issues, company CEO Chris O’Donnell said: “I'm expecting the restructuring to be completed by the end of the year and the sukuk is part of that."
Running into financial problems as a result of the recession, in March, the property development arm of government-owned Dubai World was proposed repaying its trade creditors 60% in Islamic bonds and 40% in cash.
Earlier this week executives from the firm said they expected all short-term projects to be fully mobilised by the end of next month.