Thursday, November 26, 2009

Phones Crash on Dubai Related Conference Call

From Reuters
A conference call for bond holders of Dubai-owned property firm Nakheel was postponed on Thursday after phone lines were overwhelmed by too many people calling in.

The call was to establish the size of the bondholder group and to appoint legal advisers to liaise with Dubai World, which is asking to delay payments on debt held by its subsidiary Nakheel.

Organisers said they had a full list of bond holders, after being asked by one investor who said he had become a bond holder in the last few hours.

Nakheel’s Islamic bond prices extended losses, falling 14 points to 70, their lowest since February, according to Reuters data.

The debt , which was originally due to mature on Dec. 14, 2009, traded as high as 110 on Wednesday before the Dubai government said it would ask creditors to agree to a standstill on debt held by Nakheel and Dubai World and extend maturities until at least May next year.

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