Contractors are likely to sell Nakheelâs sukuk to pay bills, Thomas Barry, chief executive officer of Arabtec Construction LLC, a unit of Arabtec Holding Co., the United Arab Emiratesâ biggest construction company, said in an interview Sept. 2. âAll contractors are in very bad situation with regard to cash flow because of nonpayment from many entities.â
Nakheel, which has built palm tree-shaped islands off Dubaiâs coast, said July 14 a group of its creditor banks supported a plan to alter the terms on $10.5 billion of loans and unpaid bills. In April, the company said its trade creditors would be offered 100 percent recovery of their claims -- 40 percent through a cash payment and 60 percent in the form of a tradable sukuk.
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