DUBAI (Zawya Dow Jones)—-Nakheel, the Dubai World property arm that narrowly avoided a debt default in December, asked Friday through a clearing house for the details of its 2010 bond holders, according to a banker who received the notice.

The notice, sent by Nakheel via Euroclear, asks 2010 bond holders to submit their details and says "this may prove useful in disseminating information to the note holders in the future with regard to a liability management exercise that the issuer may undertake."

Nakheel has a $980 million bond maturing May 13, according to data from ratings agency Standard & Poor's.

Dubai World declined to comment.

"This is an important development in the Nakheel/Dubai World situation as it is the first time the company has made direct contact with the bondholders since the events of November last year," said Chavan Bhogaita, head of credit research at the National Bank of Abu Dhabi.

"However, the wording of Nakheel's request is vague and hence doesn't make it any easier for bondholders to predict the outcome on the Nakheel 10s," he added.

Nakheel, developer of Dubai's palm-shaped islands, in December narrowly met a $4.1 billion maturity on an Islamic bond, or sukuk, after neighboring emirate Abu Dhabi provided it with $10 billion in funds.

The government said in November that the funds leftover after paying Nakheel's sukuk will be used to finance Dubai World's needs up until the end of April 2010.

Creditors to Dubai World--the Dubai government's flagship corporation--are awaiting a formal standstill request or restructuring proposal ahead of that date.

Dubai's government in late November said it would seek to delay payments on $26 billion of Dubai World debt. Dubai World is currently talking to banks to restructure about $22 billion of debt.

-By Nour Malas, Dow Jones Newswires; +9715 0 289 0223, nour.malas@dowjones.com

(END) Dow Jones Newswires

26-02-10 1542GMT