IslamicFinance.de

The first trade creditor has filed a lawsuit against Dubai World's Nakheel property developer unit with the special tribunal set up to handle disputes over its debt restructuring, which could further delay a settlement. The tribunal said the suit, filed in mid-August, was served by Dubai-based Construction Delivery Group (CDG). Legal experts have said that creditor claims against Dubai World or its subsidiaries with the tribunal could potentially cause the restructuring to come to a standstill until the matter is resolved in court. Under Nakheel's restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and an Islamic bond (sukuk) in lieu of the rest.