DUBAI?The debt-ridden Dubai World conglomerate is outlining proposals to restructure $22 billion of its debt to leading creditors, The National daily reported Tuesday.

Dubai World's chief restructuring officer Aidan Birkett met with the Hongkong Shanghai Banking Corporation (HSBC) in London Monday "to outline proposals for settlement" of the group's debt, the Abu Dhabi-based paper said.

HSBC is a member of the coordinating committee for the 90-plus Dubai World lenders, it said.

Birkett is also expected to meet other lenders, including the committee's chair, the Royal Bank of Scotland, The National added.

A Dubai World spokesman refused to comment on the report.

But a Dubai official told AFP Monday that the government expected the indebted conglomerate to present a formal proposal this month to reschedule the debts of its troubled subsidiaries.

The London-based Financial Times reported on Monday that the group was expected to present lenders with a plan this week.

Dubai World's proposals could offer between 60 and 100 percent repayment to its creditors depending on the length of time they would agree to roll over their loans, The National said.

The Financial Times quoted bankers as saying the plan is expected to offer lenders "an option to be repaid over several years but with a 'haircut,' or to be repaid more over a longer term, potentially with a government guarantee."

It said some bankers were concerned the proposals could lead to a split among creditors.

The conglomerate began negotiations with its creditors in December, shortly after a last-minute bailout from neighboring Abu Dhabi allowed it to settle $4.1 billion of maturing debt owed by its subsidiary Nakheel.

Four British banks?HSBC, Lloyds, the Royal Bank of Scotland and Standard Chartered?are believed to be owed more than $5 billion by Dubai World.

Dubai shook global stock markets last November when it called for a debt moratorium for the Dubai World conglomerate.

The emirate borrowed heavily during boom years preceding the global economic downturn, fueling its rapid growth into a regional trade hub.

Dubai World's total debt, including liabilities, is around $60 billion.

The emirate's debt is estimated at between $80 billion and $100 billion, but some analysts say it could be as high as $170 billion.