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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Market Moves more

Nakheel may pay Islamic bonds May 13 without formal debt agreement

Posted on 03 May 2010

From Bloomberg: Nakheel PJSC may pay about 3.6 billion dirhams ($980 million) of Islamic bonds due May 13 even if its parent Dubai World doesn’t reach a formal debt-restructuring agreement, a government spokeswoman said.
A formal agreement with creditors isn’t needed to repay the bonds, said the spokeswoman for Dubai’s Department of Finance yesterday. Dubai World in March said Nakheel’s local-currency and dollar-denominated sukuk will be paid on time “assuming sufficient support” for the restructuring plan from banks………………………………………Full Article: Source

 
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