Nakheel PJSC, the Dubai-based property developer, is holding talks with its parent Dubai World about a $3.52 billion Islamic bond that matures on Dec. 14.
“Nakheel can confirm it is in discussions with its parent regarding the forthcoming December 2009 sukuk maturity,” the company said in a statement to Nasdaq Dubai today. “Once these discussions are complete we will further advise the market.”
The statement didn’t provide details on whether the talks are about restructuring or repayment of the debt. A spokesperson for Dubai World didn’t immediately respond to calls or an e-mail seeking comment, while Nakheel referred Bloomberg to its parent. Dubai World, the state-owned company grappling with $40 billion of debt, has guaranteed Nakheel’s December bond, the offering prospectus says.
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