Nakheel sukuk offered on secondary market

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In a desperate bid to manage its $10.9 billion dollar in debt, Nakheel plans to pay off up to 60% of its outstanding balances by selling an Islamic bond valued at $1.6 billion.  However, many of their trade creditors are offering the bonds on the secondary market at about 80 cents on the dollar.  Instead of waiting 5 years to cash out, the companies that are in need of cash immediately might choose to sell their shares, though not all trade creditors are interested.

Nakheel and its parent company Dubai World took a massive hit when the real estate crash struck developers hard.  Dubai World restructured more than $25 billion in debt itself.  Nakheel will offer its sukuk to its trade creditors by the end of the summer, and hopes to finish restructuring all of its debt by the end of next year.

 

 

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Reading Time: 1 minute

In a desperate bid to manage its $10.9 billion dollar in debt, Nakheel plans to pay off up to 60% of its outstanding balances by selling an Islamic bond valued at $1.6 billion.  However, many of their trade creditors are offering the bonds on the secondary market at about 80 cents on the dollar.  Instead of waiting 5 years to cash out, the companies that are in need of cash immediately might choose to sell their shares, though not all trade creditors are interested.

Reading Time: 1 minute

In a desperate bid to manage its $10.9 billion dollar in debt, Nakheel plans to pay off up to 60% of its outstanding balances by selling an Islamic bond valued at $1.6 billion.  However, many of their trade creditors are offering the bonds on the secondary market at about 80 cents on the dollar.  Instead of waiting 5 years to cash out, the companies that are in need of cash immediately might choose to sell their shares, though not all trade creditors are interested.

Nakheel and its parent company Dubai World took a massive hit when the real estate crash struck developers hard.  Dubai World restructured more than $25 billion in debt itself.  Nakheel will offer its sukuk to its trade creditors by the end of the summer, and hopes to finish restructuring all of its debt by the end of next year.

 

 

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