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PAR 18:06:18 GMT - 03/28/2010  
Dubai Plan May Be ‘Negative’ for Banks, JPMorgan Says

March 28 (Bloomberg) -- Dubai World’s debt-restructuring plan may be “negative” for its bank creditors because repayments will be funded by asset sales and dividends, JPMorgan Chase & Co. said.

Dubai World, a state-owned holding company, is asking creditors to wait as long as eight years before they receive all their money back as part of its $23.5 billion debt reorganization announced last week.

“There is no mention of a government repayment guarantee for Dubai World’s bank creditors,” Zafar Nazim, a London-based analyst at the bank, wrote in a report dated March 25. “The government intends to inject only $1.5 billion of cash into Dubai World to support its creditors and working capital commitments. In essence, Dubai World’s creditors will be relying upon assets sales and dividends.”

Creditors to Dubai World’s real-estate arm, Nakheel PJSC, will be asked to restructure their loans at commercial rates, and trade creditors will be offered a cash payment and a tradable security. The company’s Islamic bonds, or sukuk, due in 2010 and 2011 will be paid on maturity if the proposal receives enough support from creditors.

Dubai’s benchmark index surged 4.3 percent on March 25, the most since Dec. 14, after the plan was announced, while Nakheel’s $750 million Islamic bond maturing in January gained 48 percent to 96 cents on the dollar, according to prices on Bloomberg.

“We would be cautious on indiscriminately extending the potential positive outcome for Nakheel bonds to other Dubai Inc. entities,” the report said. “The government has not explicitly ruled out restructuring other Dubai Inc. entities, and continues to distinguish between sovereign and non-sovereign obligations.”

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