Nakheel still 7.6bn in debt after $20bn in write-offs « ArabianMoney

Dubai property developer Nakheel still owes $7.6 billion after its huge refinancing that included $21 billion in write-offs against profits in 2009, according to the prospectus issued for its Islamic bond for trade creditors.

The write-offs largely accounted for a $21 billion loss in 2009. Nakheel’s assets are now carried on its books at $21.8 billion compared with $42.5 billion, in line with the fall in Dubai property values since the crash three years ago.

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