From Building.co.uk: Just before the new year, the company announced that it wasn’t going to issue the sukuks, a form of Islamic bond, in 2010. It had only secured the agreement of 91% of its creditors to its repayment plan, 4% short of its target.
For those who lined up in the awkward coffee break after O’Donnell’s speech to ask where their money was, this is just the latest chapter in Nakheel’s long-running saga. Now the signs are that some kind of sukuk issue might not come until at least March. Although some consultants are beginning to dip their toes in Nakheel’s waters once again, many have decided to burn their bridges……………………………………….Full Article: Source