12 Dec 2012
(MENAFN) Dubai-based Nakheel Properties stated that as part of the company’s debt restructuring deal, it has made a payment of USD57 million to sukuk holders, reported Arabian Business.
Since November 2009, the Dubai-based real estate firm has paid USD2.6 billion to creditors and contractors, including the recent payment.
The company, which was taken under direct government control when real estate prices in Dubai collapsed, narrowly missed a 2009 sukuk default after Abu Dhabi intervened with a last-minute lifeline, whereas 2 other sukuks, which matured in 2010 and 2011, were fully paid by Dubai.
Under the debt restructuring deal, Nakheel must pay trade creditors 40 percent in cash and 60 percent through the Islamic bond (Sukuk).
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