Dubai: Dubai-based real-estate developer Nakheel said on Monday it has issued the third tranche of its trade creditor sukuk worth Dh 121 million ($33 million), as part of its debt restructuring.
The latest tranche brings the total amount of sukuk issued to Dh4.148 billion, the company said in an emailed statement.
The first tranche of the sukuk, worth Dh3.8 billion was issued to unpaid contractors in September 2011, shortly after the sukuk programme, worth Dh4.8 billion, was adopted in August that same year.
Nakheel, builder of the city’s showpiece artificial islands, added it has “paid all profits due on the sukuk to date, made payments totalling around Dh10 billion to various trade creditors and contractors since November 2009, when its restructuring process commenced.”
The developer got into financial trouble in late 2009 after being hit hard by the fallout from the global financial crisis. Nakheel ramped up billions of dollars worth of debt during years of spending on some of the world’s most extravagant real-estate projects.