IslamicFinance.de

The company stopped paying contractors when the emirate's property bubble burst last year and Nakheel's credit-driven expansion ground to a halt. It reached an agreement earlier this year with its banks to delay repayment of $24.9bn of debt for between five and eight years.
Nakheel's Islamic bond, or sukuk, was announced in April. The developer is to pay 60 per cent of large claims by contractors and other trade creditors with sukuk shares and the remainder in cash.