Nakheel, the Dubai based property developer and part of Dubai World, has to pay back part of a 750 million US$ bond in 7 days. Dubai World, Nakheel’s parent company, is looking for a standstill of it’s 22 billion US$ debt. On the 19th of January Nakheel should pay back 10.3 million US$ for the trust certificates which mature in 2011, a filing with the Nasdaq Dubai states. Will the bail out money from Abu Dhabi be used for that?
Officially there is still no standstill on any payments requested, and it is also not yet decided what way Dubai World will go to solve the issue. Nakheel has all in all two bonds pending, one is for 750 Million US$, due in January 2011 and another one for 980 million US$ which matures on May 13. Not one of those Nakheel bonds is secured or in any way guaranteed by Dubai World or the Dubai government.
Will this payment on the 19th of January from Nakheel be the time that Dubai World let’s everybody look into it’s cards? Or will it still be a secret?
…Dubai property developer Nakheel has made a $10.3 million coupon payment on its $750 million bond due 2011, a company spokeswoman said on Tuesday.