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Nakheel Creditors start signing settlement agreements

Nakheel’s trade creditors have embarked on signing the settlement agreements presented to them last week following extensive meetings with Nakheel’s Chairman and executives.

"The important move comes at the heals of the positive feedback from trade creditors on the settlement agreement, which is part of Nakheel’s recapitalisation 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 recapitalisation plan announced by Nakheel last month, trade creditors are offered 100 per cent recovery of their agreed claims with a 40 per cent cash payment and 60 per cent in the form of a publicly tradable security, with a 10 per cent annual return.

The 40 per cent cash payment will be dispersed to trade creditors as soon as an agreement on 65 per cent 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.

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