Much of the land backing a $1.03 billion sukuk bond from Dubai property developer Nakheel is unreclaimed seabed, Reuters quoted bank sources as saying, leaving trade creditors holding the paper with scant recourse to tangible assets in the event of a default.
The Islamic bond, or sukuk, is part of Nakheel’s $16 billion debt restructuring deal which repays trade creditors 40 percent in cash and 60 percent via the bond……………………………………….Full Article: Source