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Nakheel plans to split from Dubai World by June
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18 May 2011 |
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Nakheel will be carved out of parent company Dubai World and become a government-owned entity by June, when its efforts to restructure $10.8bn in debt will be complete.
"Nakheel separation has not occurred as yet, but will happen once the restructuring is finalised which is due to be completed by June," a company spokesperson told Emirates 24/7.
The indebted developer was at the heart of the debt problems suffered by its parent company Dubai World, which roiled global markets in November 2009 when it asked for a standstill on around $25bn in loans.
Nakheel's inability to meet its obligations, in the wake of a property collapse and the global credit crunch, left it with billions of dirhams in unpaid bills to contractors and suppliers.
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Source: beta.thehindu.com |
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