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Nakheel hopes to issue second bond tranche in 2012’s H1

06 Jan 2012

(MENAFN) Nakheel’s chairman, Ali Rashid Lootah, said that within the coming 6 months, the developer hopes to issue its second tranche of Islamic bond (Sukuk), reported Gulf News.

Lootah added that so far, the company was successful in negotiating contractor claims worth USD272 million, moreover, the contractors would be repaid 40 percent in cash and 60 percent through the bond.

He also said that the company finished the restructuring of a total of USD16.06 billion in debt, including USD8.71 billion of government debt that would be converted into equity.

It is worth noting that Nakheel, currently controlled by the Dubai government, issued its first tranche of a USD1.31 billion sukuk to trade creditors in August as part of the developer’s restructuring.

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