Dubai's masterdeveloper Nakheel last month made a USD 681 million (2.5 billion dirhams) cash

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payment of the 4 billion dirhams owed to its trade creditors, a local daily has reported.

"The offer proposed to bank creditors is final and isn't being re-visited or revised," the newly appointed chairman, Ali Rashed Lootah said.

According to him, banks accepting restructuring plans is a positive sign and that the company saw "positive reception and general satisfaction" from its bank creditors in its last meeting with them.

The Dubai government-owned company meanwhile has gained approval of 80 per cent of its trade creditors for the restructuring plan announced in March, under which Nakheel proposed to pay back those creditors 40 per cent through a cash payment and 60 per cent through a bond issue.

The 60 per cent bond issue needs approval of 95 per cent of creditors. Once that approval is reached, Nakheel will issue five-year bonds that will pay 10 per cent interest semi-annually and will be listed on the Nadaq Dubai stock exchange, Lootah told Arabic Al-Khaleej daily.

Nakheel, which narrowly avoided default on a USD 3.52 billion bond late last year, is in the process of appointing consultants to study its future financial needs and commitments, but the company has no plans to sell assets, Lootah told the paper.

"Nakheel has no intention to sell real estate assets at this point in time," Lootah said, adding that it hasn't canceled or intends to cancel any of its projects.

The company will in October begin enabling works on six of its projects and also plans to launch in coming months six new commercial projects, including shopping centers and retail outlets, to serve those new developments.