Dubai's Nakheel has $10.9 billion of bank debt and will receive key assets from parent company Dubai World for its business plan after separation, a restructuring document showed on Wednesday. The developer, which overstretched itself building islands in the shape of palms and other ambitious real estate, has $5.1 billion of trade creditor claims and $9.2 billion of customer liabilities, the document obtained by Reuters showed. The government will also pump $7.3 billion of new equity and equitize a further $5.3 billion of claims to recapitalize Nakheel, it said. “Certain assets and businesses required for Nakheel's business plan will be transferred from Dubai World Group to Nakheel.” Assets to be transferred are Nakheel Harbour & Tower land, land at its Waterfront development which forms the security for the 2011 Sukuk, Dubai World's 50 percent stake in its Al Mamzar joint venture, Dubai World's 99 percent stake in Nakheel Leisure LLC, Coastal Communities Distribution FZE and Retailcorp Entertainment FZE, according to the document. Nakheel said it has repaid $681 million to contractors in July.
