Nakheel pays Dh7.3 billion to its trade creditors
Nakheel made payments to the tune of ?Dh7.3 billion ($2 billion) to its trade creditors.
Nakheel will launch another Dh1 billion of sukuk before the end of this year as part of its Dh59 billion restructuring deal with trade creditors.
Under the company’s restructuring plan, the developer has presented trade creditors repayment of 40 per cent cash and the remaining 60 % in the form of sukuk.
Bank creditors will be offered an interest rate of four per cent over London Interbank Offered Rate (Libor) and repayment after five years.
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