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Date: 08/10/2010
Nakheel makes Dh.3.4bn payments to creditors; resumes work on a third project

The leading real estate developer, Nakheel, on Thursday confirmed that it has paid out Dh.3.4bn in cash to creditors till date, and announced the appointment of a consultant to assess claims.

Nakheel also confirmed that it has resumed work on a third project, namely the Emirates Cluster, located in International City, following Al Furjan and The Garden View Villas.

Nakheel has begun paying out trade creditors the money owed to them, Dh.500,000 or less in March, and confirmed that it has initiated payments worth Dh.4bn to its other creditors on 30th June. This leaves Dh.600mn as outstanding.

Nakheel is also working closely with other trade creditors to achieve its 95 percent acceptance of all payables and claims by end of the year, a Nakheel spokesperson said.

This acceptance is required by the developer to issue the sukuk to pay creditors remaining 60 percent of outstanding, which it hasn’t paid in cash.

The issuance of sukuk, is a part of the restructuring plan of the Nakheel, is widely believed to happen before year-end.

Completion of short-term projects is another mission related to the re-structuring plan. Last week, the developer began construction on Al Furjan Villas and apartments, and The Garden View Villas.