Dubai World still hasn't agreed the suspension of repayments on its $22bn debt pile despite putting forward restructuring plans today.

The troubled state-owned firm held talks with dozens of banks and said it would reach a deal 'in an orderly way' as Dubai's leaders promised financial support if a 'standstill' agreement is reached.

Today's discussions were the first since the company announced last month that it would try and get debt repayments frozen or delayed until the end of May next year.

That news sent shares plunging around the world as investors worried about which global businesses may have got tangled up in the mess.

Dubai World's property unit Nakheel, responsible for the palm tree-shaped islands off the emirate's coast, repaid a $4bn Islamic bond last week thanks to a $10bn bailout from Abu Dhabi.

But Dubai must reach a deal with creditors on a 'standstill' as a condition of its rich neighbour's rescue deal.

'Dubai World is committed to working closely with the banks' appointed coordinating committee to work towards a consensual solution for the benefit of all lending banks, trade creditors and other stakeholders affected by the restructuring,' read a statement from Dubai World.

HSBC, Standard Chartered, Lloyds, Royal Bank of Scotland and local lenders, Emirates NBD and Abu Dhabi Commercial Bank, are leading the creditors' committee.

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