Dubai Bonds Look Attractive for Distressed Debt Funds

* Distressed funds frustrated by "extend and pretend"

* Rate rises may force more restructurings in 2010

By Claire Milhench

LONDON, Dec 10 (Reuters) - Dubai might hold some promise for distressed debt investors, even if the U.S. vulture funds who rushed in following Nakheel's [NAKHD.UL] debt standstill have played a very risky game, industry insiders said.

"Iceland is something we have been involved in and there may be something to do in Dubai," said Mans Larsson, vice president of Canyon Capital Advisors. "There are some potentially interesting assets there as everything has traded down after the announcement on Nakheel."

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