08.12.2009 - Nakheelís creditors may get waterfront land in default
From Bloomberg: Nakheel PJSC creditors may win the right to seize a strip of barren waterfront land the size of Manhattan if the company defaults on the $3.5 billion bond backing the development. Investors will be able to seek foreclosure on the propertyís mortgages should the Dubai World unit fail to repay the loan, according to the bondís prospectus. The debt is due on Dec. 14, after which Nakheel has two weeks to remedy a default...................................Full Article: Source
Print