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FINANCIAL NEWS
Dubai’s Nakheel issues third tranche of debt deal
08 Jan 2013
(MENAFN) Dubai’s Nakheel has issued its third tranche of sukuk issue as part of its USD1 billion debt restructuring plan, Reuters reported.
The USD32.94 million sukuk will go towards part settlement of trade creditor claims against the company worth around USD1.44 billion.
The company said that the recent issue takes the total amount of sukuk issued to USD1.13 billion since August 2012.
The first tranche was issued in August 2011, part of the company’s USD16 billion restructuring plan.
The developer, which is owned by the Dubai government, said apart from the sukuk and related profit payments it has also paid around USD2.7 billion to various trade creditors and contractors since November 2009.
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