Nakheel to complete debt restructuring by year-end

The developer is hoping to mobilise all short-term projects next month

Nakheel, the property development arm of Dubai World, encountered some severe financial difficulties after the recession.
Nakheel, the property development arm of Dubai World, encountered some severe financial difficulties after the recession.
NEWS, Business

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.

 

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