Nakheel may pay Dh3.6 billion sukuk

By

Staff Writer

Published Monday, May 03, 2010

Nakheel clients welcome settlement. (REUTERS)

Nakheel may pay about Dh3.6bn of Ismalic bonds next week, even if Dubai World does not reach a final deal with creditors to restructure debt, a spokeserson for Dubai's Deparment of Finance told local media.

A formal agreement with creditors is not required to repay the bonds, added the government spokesperson.

Dubai World had earlier said Nakheel's sukuk will be paid on time 'assuming sifficient support' from banks for the restructuring plan.

Dubai World and Nakheel are seeking to renegotiate about Dh91bn worth of debt.

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