Nakheel PJSC may pay about 3.6 billion dirhams ($980 million) of Islamic bonds due next week even if its parent Dubai World doesn’t reach a final accord with creditors to restructure debt, a government spokeswoman said.
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. A formal agreement with creditors isn’t needed to repay the bonds, said the spokeswoman for Dubai’s Department of Finance.
Dubai World, one of the emirate’s three main state-owned holding companies, and Nakheel are seeking to renegotiate about $24.8 billion of debt after the global credit crisis battered Dubai’s real-estate market and left the emirate’s companies unable to get loans.
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