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Nakheel unlikely to repay $980 million sukuk
It is “incredibly unlikely” that Nakheel will pay off its Islamic bond maturing in May, reports Reuters.
February 22, 2010 4:38 by kippreport
Government-owned conglomerate Dubai World is unlikely to pay off Nakheel’s $980 million Islamic bond maturing on May 13 this year, reports Reuters. “It is very unlikely that the bond will be paid off,” a source close to the matter told the agency. “Incredibly unlikely.”
All options are open, the source said, including “offering new paper for existing debt or, if needed, administration,” the report said.
Currently, Dubai World is restructuring $22 billion in debt and is expected to present a proposal to creditors in March. The company managed to pay off Nakheel’s $4.1 billion sukuk in December last year after Dubai received a bailout from Abu Dhabi on the day the bond matured.