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Nakheel delays Islamic bond until July

Nakheel has delayed offering an Islamic bond until July as part of its $10.9bn debt restructuring plan, Reuters has reported, citing two sources. The developer had previously said it expected its debt restructuring process, including the sukuk issue, to be completed by the end of the first half of 2011. "The end of June was always an ambitious goal. This is a very complicated transaction, involving lots of individual negotiations and dealings with multiple trade creditors. The sukuk will be issued in July," one of the sources said.