Dubai World debt restructuring to total 26 bn

The group said all of these were 8220;on a stable financial footing8221;.

8220;The total value of debt carried by the companies subject to the restructuring process amounts to approximately USD 26 billion,of which approximately USD 6 billion relates to the Nakheel sukuk Islamic bond,8221; a statement added.

8220;It is envisaged the restructuring process will be carried out in an equitable way for the benefit of all stakeholders and will comprise several phases,including long-term plans and commitment of stakeholders;8230; and the formulation of restructuring proposals to financial creditors and their implementation,8221; it said.

The initial discussions have also started with the banks of Dubai World are moving in the right direction,it added.

Last Wednesday,Dubai said it would seek a six months freeze until up to May,on debt repayment of its main investment arm Dubai World,which has USD 59-billion debts.