DUBAI, Dec 21 - Dubai World [DBWLD.UL], faced with a $22 billion debt restructuring, told creditors it had $40 billion in total debts and will pitch a standstill proposal in mid-January, a banking source said on Monday.
Dubai's flagship conglomerate outlined its financial position to creditors, as it seeks to restructure debt linked to itself and main property units, Nakheel [NAKHD.UL] and Limitless World.
They want to launch the proposal for mid-January so it's effective end January, said a banking source who saw the presentation. It's more of a friendly type of restructuring. Dubai World is making an effort to work with the lenders for a solution that works with both parties.
This is the first time they've given numbers.
The conglomerate said in a presentation to creditors that its Nakheel unit had approximately $9 billion in liabilities.
Dubai World, which rocked global markets on Nov. 25 when it announced it would seek a debt standstill on $26 billion, staved off a $4.1 billion Islamic bond default by Nakheel after it got a $10 billion bailout from Abu Dhabi. (Reporting by Amena Bakr and Rachna Uppal; Writing by Amran Abocar; Editing by Firouz Sedarat)