Nakheel Begins Dh4b PayoutWednesday, June 30, 2010
 Property developer Nakheel started paying its creditors the first tranche of cash on Wednesday, with Chairman Ali Lootah saying the process will take two weeks to complete. Nakheel will pay up to Dh4 billion to the 75 per cent of its creditors who have accepted its financial restructuring proposal, Lootah said. “Those who have agreed will receive their cash by mid-July,” Lootah told reporters. Trade creditors owed more than Dh500,000 have been offered full repayment by the developer, with 40 per cent in cash and 60 per cent via an Islamic bond with a 10 per cent annual return. Lootah also said the firm will restart work on six projects “in the next two months”. These include Jumeirah Park and Al Furjan. Source: Gulf News
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