Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Nakheel says nears deal with big trade creditors

2010-06-08

(Reuters) - Dubai World"s indebted property arm Nakheel [NAKHD.UL] is very close to hitting a key threshold among large trade creditors that would allow it to begin paying overdue bills, a company spokeswoman said on Monday. For Nakheel, once known for its glitzy palm-shaped islands, paying arrears to large contractors would be the first step towards helping the company to restart the myriad of stalled projects scattered throughout the emirate. Nakheel said in May that about 50 percent of its creditors had already agreed to the deal and once 65 percent accept the terms, the creditors will begin receiving cash payments. Trade creditors owed more than 500,000 dirhams ($136,200) have been offered full repayment, with 40 percent in cash and the rest with an Islamic bond, or sukuk, which has a 10 percent annual return.  "Many of the creditors are coming to the conclusion that this is the only deal on the table so it"s better to get something rather than nothing," said Ashley Painter, partner at Clyde & Co, who represents some creditors. Nakheel"s spokeswoman said talks are continuing with the larger creditors, but more have agreed to the proposal since the announcement was made last month. "We"re very happy with all the progress that"s been made and hopefully this will be wrapped up quite soon," she said. Nakheel has already begun to repay small trade creditors owed 500,000 dirhams or less, who it has put into a different category than larger firms. She said the payments were aimed at helping to revive construction projects that were stalled as Nakheel struggled to pay its creditors but did not specify which projects would resume first. "Our intention is to carry on all the near-term projects," she said. Nakheel"s proposal is part of Dubai"s $9.5 billion rescue plan for Nakheel"s parent, state-owned Dubai World [DBWLD.UL], unveiled in March. The conglomerate is in talks with lenders to restructure $26 billion in debt.


 

2017-05-25
Dividends yield reports 5.8% in the PEX

2017-05-18
PADICO is higher than its equivalent price and the PMA is planning to issue digital currency

2017-05-16
PADICO approves distributing 5% cash dividends for the year 2016

2017-05-11
The PEX records an average PE of 11.1x in Q1 2017

2017-05-10
Manaseer Cement & Mining Company signs a partnership agreement with Sanad Construction Industries Company

2017-05-09
QUDS approves distributing 12% stocks dividends for the year 2016

2017-05-07
RSR approves distributing 7% cash dividends for the year 2016

2017-05-07
AZIZA approves distributing 18% cash dividends for the year 2016

2017-05-07
PIIC approves distributing 6% cash dividends for the year 2016

2017-05-04
Al-Quds Index increases with the end of the quarterly financial data disclosures’ season

2017-05-03
PIBC approves raising its paid-up capital to $61 million

2017-05-02
RSR reports net income of JD0.094 million in Q1 2017

2017-05-02
WASSEL posts net income of $0.14 million in Q1 2017

2017-05-02
PADICO reports net income of $4.71 million in Q1 2017

2017-05-02
AHC realizes net loss of JD0.53 million in Q1 2017

2017-05-02
ISBK posts net income of $3.04 million in Q1 2017

2017-05-02
BOP reports net income of $12.35 million in Q1 2017

2017-05-02
PID realizes net loss of JD0.01 million in Q1 2017

2017-05-02
BPC records net income of $2.92 million in Q1 2017

2017-05-02
PICO reports net income of $1.00 million in Q1 2017

2017-05-02
MIC posts net income of $0.31 million in Q1 2017

2017-05-02
JCC realizes net loss of JD0.06 million in Q1 2017

2017-05-02
JPH records net income of $1.60 million in Q1 2017

2017-05-02
GMC posts net income of JD0.25 million in Q1 2017

2017-05-02
NSC records net income of JD0.05 million in Q1 2017

2017-05-02
NCI records net income of $0.06 million in Q1 2017

2017-05-02
PRICO realizes net loss of JD0.13 million in Q1 2017

2017-05-02
ABRAJ records net income $0.08 million in Q1 2017

2017-05-02
ELECTRODE reports net income of JD0.01 million in Q1 2017

2017-05-02
PIIC records net income of JD1.70 million in Q1 2017

2017-05-02
LADAEN realizes net loss of JD 0.03 million in Q1 2017

2017-05-02
AZIZA posts net income of JD1.33 million in Q1 2017

2017-05-02
PALTEL records net income of JD18.04 million in Q1 2017

2017-05-02
AQARIYA posts net income of JD0.24 million in Q1 2017

2017-05-02
GUI reports income of $0.87 million in Q1 2017

2017-05-02
NIC posts net income of $1.54 million in Q1 2017

2017-05-02
TRUST reports net income of $1.74 million in Q1 2017

2017-05-02
TIC records net income of $0.82 million in Q1 2017

2017-05-02
QUDS posts net income of $3.94 million in Q1 2017

2017-05-02
ARAB records net income of JD0.029 million in Q1 2017

2017-05-02
PIBC posts net income of $0.98 million in Q1 2017

2017-05-02
PALAQAR reports net income of JD0.025 million in Q1 2017

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013