No more hiccups on Nakheel's restructuring plans
The threshold limit required by Nakheel, the Dubai-based master Developer, to implement its restructuring proposal has almost been reached.
Under Nakheel's restructuring proposal, trade creditors will receive repayment through 40 per cent cash and 60 per cent in the form of a sukuk (Islamic bond).
Nakheel said the debt restructuring process is expected to be completed by the first half of 2011 and it will soon be issuing restructuring agreements, including a term sheet for an Islamic bond offering, to trade creditors who have signed on to its restructuring plan.
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