Nakheel, the troubled Dubai developer, has announced that Chris O’Donnell, its chief executive, has stepped down after finishing his five-year contract.
The government-controlled company behind Dubai’s offshore Palm islands is in talks to delay repayment on $11bn in loans as part of the emirate’s broader restructuring.
Dubai World, Nakheel’s parent, has restructured $25bn in debts after pushing the emirate to the brink of default in November 2009.
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