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Mon 19 Apr 2010 11:35 AM

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Arabtec unit to get 40% outstanding dues from Nakheel

Firm's chief exec Tom Barry says balance will be paid against a bond - paper.

Arabtec unit to get 40% outstanding dues from Nakheel

Arabtec Construction, a unit of Dubai-based Arabtec Holding will be repaid 40 percent of its outstanding dues in April by developer Nakheel, a local daily reported, citing the unit's chief executive.

The balance outstanding will be paid against a bond, chief executive Tom Barry told Emirates Business 24/7 newspaper. The company also expects to begin work on the Al Furjan project, Barry said.

Last week, Arabtec and Aabar Investments called off their $1.7 billion merger agreement, with analysts saying Arabtec no longer needed the deal.

Arabtec shares were up 1.6 percent in Dubai trading.

Nakheel aims to pay about $8.2 billion to its creditors in June, but needs approval for its March debt proposal before making the payment. (Reuters)

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