Property developer Nakheel's restructuring plan is being complicated by new claims from trade creditors that could lead to more legal headaches, two sources familiar with the matter said.
Unlike parent firm Dubai World, which secured unanimous support from lenders within a year for its $25 billion debt restructuring plan, Nakheel is struggling to negotiate terms with a mass of contractors that hold the keys to its many delayed projects.
"Nakheel is a much more complicated restructuring than even Dubai World," said one source with direct knowledge of Nakheel's restructuring plans.
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