Nakheel makes progress in restructuring

Dubai: Property developer Nakheel said, it has achieved an ‘agreed threshold' for trade creditors that are eligible for receiving sukuk, that will help fast track its' restructuring.

A Nakheel spokesperson said: "Nakheel is pleased to announce that it has achieved the agreed threshold for the trade creditors that are eligible for receiving the sukuk.

"This is a significant milestone achieved by Nakheel in its restructuring. Nakheel is making good progress on the restructuring process with the aim to completing the restructuring soon."

The news comes a few days after the developer said that it has disbursed about Dh5 billion to trade creditors, contractors and suppliers.