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"The important move comes at the heals of the positive feedback from trade creditors on the settlement agreement, which is part of Nakheel's recapitalization plan. This brings us yet another step closer to continuing work on our near term projects and delivering on our commitments to our customers,"
commented a company spokesperson.
Under the recapitalization plan announced by Nakheel last month, trade creditors are offered 100% recovery of their agreed claims with a 40% cash payment and 60% in the form of a publicly tradable security, with a 10% annual return.
The 40% cash payment will be dispersed to trade creditors as soon as an agreement on 65% of the total agreed claims by trade creditors is reached.
"This is expected to be achieved in the very near future; all indications suggest that this will be a prompt process," said Nakheel's spokesperson.
Posted by Rana Mesbah
