Nakheel Sends $4.1 Billion Payment for Clearing

Property developer Nakheel PJSC’s repayment of its $4.1 Islamic bond is already being processed with the funds channeled to the clearing system, shortly after this was sent to the principal paying agent, the company said on Tuesday. Nakheel’s bond or sukuk, matured on Monday, the same day that Abu Dhabi stepped in to provide Dubai with $10 billion support fund to prevent it from going into default. The support fund to Dubai World, Nakheel’s parent firm, gives the state-run conglomerate time some elbow room as it tries to convince its creditors to agree to a restructuring of a $26 billion debt, while partially settling some of its maturing debts, including Nakheel’s. “The principal paying agent has advised the transaction administrator that on December 14, it received payment of the sukuk issue amount, the final distribution amount and the additional distirbution amount on the scheduled date,” Nakheel said in a posting at the website of the Nasdaq Dubai.