For holders of Dubai World debt, all eyes are on December
14. Thats when the next payment on the companys $26
billion of Nakheel bonds is due, and the day when creditors can
move from planning their next move to enacting it.
Dubai Worlds creditors fall into two categories: those
that hold the Islamic sukuk, and those that bought
classic senior debt. Within the senior debt are two sub-groups
and the group a creditor belongs to could affect the likelihood
of it being able to make a claim.
International banks, with lending documentation structured
under English law, will have lengthy lists of exactly what
constitutes an event of...