Lenders have deadline to look over a new deal.

NAHKEEL has outlined the terms of its plans to pay back its debtors at a meeting in Dubai and asked them to respond by the end of August.

The Dubai property developer which is in ongoing talks with 20 financial institutions to restructure $10.5 billion worth of debt confirmed yesterday that it had held a meeting with the coordi-nating committee of its creditor banks and it said that "the terms of the restructuring are unanimously suppor-ted in principle by the committee, subject to further internal approvals".

Nakheel has already started to make payments to its trade creditors after the government announced a plan for the debt restructuring of its parent company Dubai World in May. It had previously been reported that Nakheel was planning to offer lenders interest of four percentage points more than benchmark rates, but a source familiar with the matter was quoted by Reuters yesterday as saying: "Each facility has its own deal... They are individually negotiating terms of each facility with the coordinating committee.

You can't put one number on it but they will likely have similar terms."

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