Thursday, Apr 19, 2012
1128 GMT [Zawya Dow Jones]--Investment bank Exotix estimates Dubai government-related entities still have $12.2 billion in bank debt negotiations outstanding, after completing several restructurings in the last year. "With the resolution of DIC's $2.5 billion restructuring this month, we calculate that about two-thirds of Dubai Inc's bank debt restructurings are now complete." Since the start of the Dubai World/Nakheel crisis of late 2009, Exotix reckons there have been 11 debt restructuring situations across various Dubai GREs, totalling $34 billion in debt. Adds six of these restructurings, totalling $21.9 billion, are now complete. Notes to date bankers have shouldered all of Dubai Inc.'s debt restructuring costs, while bond holders have remained completely untouched. Says this has allowed Dubai Inc. to extend a significant portion of its bank debt maturities, giving the emirate significantly more breathing room while its assets have more time to potentially recovery in value. (nikhil.lohade@dowjones.com)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-04-12 1136GMT
