Some trade creditors of Nakheel are offering a potential $1.6 billion Islamic bond by the developer at a discount in the secondary market as a desperate need for cash outweighs hopes for a full repayment.
Nakheel, which is restructuring $10.9bn in debt, plans to repay 60 per cent of its outstanding debt to trade creditors through the sale of a 6bn dirhams ($1.63bn) Islamic bond, expected by the end of the first half.
But some of the developer's trade creditors have already offered the bond in the secondary market at around 80 cents to the dollar as they seek to cash out rather than wait five years for repayment.
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