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Nakheel reaches agreement with 91% of creditors

Dubai-based developer Nakheel has reached an agreement with 91% of its trade creditors, as it seeks to delay payments on at least $10.5bn of loans and bills, Bloomberg has reported. Nakheel is renegotiating debt terms after the global downturn rocked Dubai's real-estate market and left companies unable to raise money. "We continue to work to achieve the required 95% restructuring threshold," the developer said.