quarta-feira, 30 de junho de 2010

Nakheel commences Dh4billion payout


Property developer starts the second phase of cash payments to its trade creditors.


Nakheel has commenced the second phase of cash payments to its trade creditors following the signing of a substantial number of restructuring agreements.

Nakheel Chairman Ali Lootah said: “We are delighted to commence making the 40 per cent cash payments to our trade creditors. Today’s announcement marks significant progress in our recapitalization plan, following on from the initial payments to trade creditors of Dh500,000 or less, which commenced in March 2010”.

As part of the recapitalisation plan, trade creditors are offered 100 per cent recovery of their agreed claims, with a 40 per cent cash payment. The remaining balance of 60 per cent, in the form of a publicly tradable security with a 10 per cent annual return, is expected to be issued in the coming months. 

Lootah added: “This progress could only have been achieved with the continued support of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister and Vice-President, and Ruler of Dubai; the Dubai Government; and the Dubai Supreme Fiscal Committee (DSFC); and of course, we thank our partners for their continued patience and understanding during the restructuring process”.