Dubai World's Nakheel arm sees debt deal this year

DUBAI: The struggling developer responsible for Dubai's manmade islands says it hopes to complete its multibillion-dollar debt restructuring by year's end.

Nakheel Chief Executive Chris O'Donnell said in an interview Thursday the company has received a positive response from its creditor banks, and is now finalizing details with a core group of lenders.

He says the state-owned company also has won support from about 85 percent of contractors and other non-bank creditors still owed money from the firm.

Nakheel presented lenders its plan to restructure at least $10.5 billion in debt in July.

Its parent company Dubai World earlier this month said it had nearly completed its own $24.9 billion debt restructuring.