News from Nakheel

Published July 14th, 2010 - 12:33 GMT

Further to the statement on 25 March 2010, Nakheel ("the
Company") announces that it held a meeting in Dubai today with its creditor banks to
present formally the proposed recapitalisation and restructuring plan for Nakheel (the
"Restructuring").
The Company has negotiated the terms of the Restructuring with the Coordinating
Committee of its creditor banks (“CoCom”), with the support of Dubai World and the
Government of Dubai. The terms of the Restructuring are unanimously supported in
principle by the CoCom, subject to further internal approvals.
As is customary at this stage of the process, no resolution was sought in the meeting.
Creditor banks will have the opportunity to review the information provided before
responding to the proposal. The Company expects to complete the Restructuring over the
coming months.
 igne Pees
 


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