Developer says it is committed to the implementation of repayment plan following restructuring
Nakheel has said it has repaid $57m to lenders as part of the developer’s five-year debt restructuring plan.
“The due date of the payments is the end of August, in accordance with the restructuring obligations,” said Nakheel.
The payment according to schedule is “a clear indication of the proper application of the restructuring plan, which supports the company’s commitment to the implementation of the plan process that followed what might be dubbed the largest and the most complex restructuring plans in the Middle East since August 2011,” the company added.
In July 2011, the builder of man-made islands off Dubai’s coast secured the approval of all its bank creditors to restructure its $10.5bn debt.
The company was brought under direct government control, as part of the restructuring of its parent Dubai World.