Dubai Nakheel wrote off $21.4 bln in property crash
Nakheel brought upon itself impairments of 73.8 billion dirhams in 2009, primarily related to the carrying value of assets and capital work in progress.
I seems that after just finishing a complex debt restructuring last month, the company devalued up to 78.6 billion dirhams ($21.4 billion) of its real estate assets due to a property crisis in the emirate.
The Dubai government along with another debt ridden property firm Limitless will control from now on the comapny.
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