Dubai World made the presentation to more than 70 banks at Dubai’s Atlantis Hotel after a group of its seven biggest lenders, accounting for about 60 percent of the total debt, said on May 20 they agreed to its broad terms.

The group of seven biggest lenders comprises Emirates NBD and Abu Dhabi Commercial Bank from the UAE and foreign lenders — Royal Bank of Scotland Group, HSBC Holdings, Lloyds Banking Group, Standard Chartered and Bank of Tokyo-Mitsubishi UFJ. They hold $8.64 billion in the Dubai World debt.

“As is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting,” Dubai World said. “Creditor banks will now have the opportunity to review the information provided before responding to the proposal.”

According to sources, the debt restructuring terms presented to creditors “haven’t materially changed” from the terms agreed in principle with its main creditors in May. “But there may be some refining,” they added.

Of the debt being restructured, banks hold $14.4 billion and the government holds the rest. Under the restructuring plan, $4.4 billion is to be repaid over five years at a flat one percent interest rate. Another $10 billion is to be paid out over eight years, with terms that include government guarantees, a payment-in-kind at the end of the loan and extra interest for banks that lent to Dubai World in UAE dirhams.

In another development, there were reports that Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay debt repayment.

“It's unlikely all 73 banks will accept terms which means it will likely go to a tribunal,” a source was quoted by Reuters as saying. “If the majority support the plan, the tribunal can compel holdouts to get in line so the restructuring can proceed,” the source added.

The restructuring talks began in November, when Dubai World made a surprise announcement that it would seek a standstill on debt repayments. An initial restructuring proposal was formulated in March, and a more detailed plan was unveiled in May after talks with the big creditor banks.

Dubai and its state-owned companies have racked up $109.3 billion of debt, according to International Monetary Fund estimates, as the emirate transformed itself into a tourism, trade and financial services hub. About $15.5 billion of that is due this year, the IMF said.

Separately, Damas International, another debt-laden Dubai firm, said on Thursday it has extended to Sept. 30 its standstill agreement with lenders on $872 million in debt. The accord will give the Dubai-based jewelry retailer time to finalize its debt restructuring plan.

“The company has agreed a term sheet with the steering committee of its bank lenders and which has now been sent to the entire lender group for approval,” Damas said in a statement to Nasdaq Dubai. Its lenders, some 20 banks, include foreign firms like Barclays and BNP Paribas.