Dubai World, 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 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.-Reuters