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Nakheel wins more trade creditor debt support

Nakheel wins more trade creditor debt support

The struggling real estate developer behind Dubai's manmade islands says it has support from more than 90 percent of its nonbank creditors for its debt restructuring plan.
Nakheel said Wednesday that trade creditors holding 91 percent of the debt have signed on to the proposal, bringing it closer to resolving its credit crisis.
The Dubai World subsidiary has been trying for months to convince creditors to accept new repayment terms on at least $10.5 billion in unpaid bills.
It's negotiating both with financial creditors such as banks, and with dozens of trade creditors such as contractors and suppliers still waiting to be made good on late payments.
It didn't say where talks stand with financial creditors.


Updated : 2021-03-02 04:01 GMT+08:00