The second tranche of a sukuk from Dubai's Nakheel will be 240 million dirhams ($65 million) in size, less than a quarter of the expected value, after the property developer persuaded trade creditors to accept a huge discount on their original claims.
Nakheel will issue further tranches, a spokeswoman said, with some claims from trade creditors yet to be resolved. She declined to reveal the value of these claims.
The sukuk is part of a $16 billion debt restructuring by Nakheel, which overstretched itself building palm-shaped islands and other ambitious projects.
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