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Dubai's Nakheel gets 98 pct OK to restructure
June 9, 2011 / 6:16 PM / 6 years ago

Dubai's Nakheel gets 98 pct OK to restructure

DUBAI, June 9 (Reuters) - Indebted real estate developer Nakheel [NAKHD.UL] said on Thursday it has secured over 98 percent, or near unanimous, approval for its restructuring plan from banks.

“The company expects to secure confirmation from the remaining banks over the next few days, following which Nakheel will proceed to the completion phase of the restructuring, which will include a subsequent issuance of a sukuk to the company’s trade creditors,” the firm said in a statement. (Reporting by Praveen Menon; Writing by Shaimaa Fayed; editing by Gerald E. McCormick)

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