Crisis-hit conglomerate Dubai World will present its plan to restructure debts worth $22 billion by the end of March, says a media report.
"Dubai World will present its banks with a restructuring proposal for its $22 billion debts by the end of next month," British daily The Times reported on Monday.
The state-owned conglomerate had rattled the global markets in November last year, after announcing that it would seek more time to repay its debt obligations. Quoting an insider close to the Dubai government, the publication said the conglomerate would finalise a complete valuation of the group's assets by the end of February and would have a restructuring offer on the table within the following four weeks.
"We are figuring out the best way to use the cash and assets to get the best result for all constituents," the source was quoted as saying.
According to the daily, the department of finance has said that there would not be any fire sale of assets to cover Dubai World's debts.
The department of finance has also made it clear that banks may have to wait several years for the group's portfolio to recover much of its value, the report noted.
