Nakheel to pay $980m May bonds
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Nakheel to pay $980m May bonds

Nakheel to pay $980m May bonds

A spokesperson for Dubai's Department of Finance has said that Nakheel may pay about Dhs3.6bn ($980m) of Islamic bonds due May 13 even if its parent comapny Dubai World does not reach a final accord with creditors to restructure debt, Bloomberg has reported. Dubai World said in March that 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 is not needed to repay the bonds, the spokeswoman said.

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