Nakheel property development company that is part of troubled Dubai World is about to hand over a big chunk of land to it's bondholders. Behind door number three would be some great waterfront properties, right? Not exactly.
Bloomberg: Nakheel PJSC creditors may win the right to seize a strip of barren waterfront land the size of Manhattan if the company defaults on the $3.5 billion bond backing the development.
This is what the bondholders are getting - with all the construction now abandoned.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyj_4abbCtIuT4zZeNiOx1aa_pNMBmDQNnSLABEw6h04Kdn-KCeU-m_x6FkRUVEKsbIqFdWvz10nl9lFhSN_86xwiczQq3jAL3bOqzEDieEAMYzCIk41EkjZNbBOKYHq1G9umrt84-ZY8/s400/main-nakheel-badrah-construction.jpg)
source: Nakheel
And the bonds have traded to reflect the great recovery value.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRiLOEdwLoSSptDVDJnFF7IQ5cc-b53WnWe95rGcQVFSho6zSYWW9U7Gs3NRYPuYUh__wDN6BUASGjItoItM8q_iwzusTsGjXIYmNoy3WU4_YTOlUAmilhCgKLW8IXwqaySuMkJ2YeJmc/s400/Nakheel+bonds.gif)
source: Bloomberg
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