DUBAI — Dubai World broke six days of silence early Tuesday and announced details of its proposed restructuring, saying it was having constructive talks with banks over some $26 billion worth of debt.

In a statement just after midnight in Dubai, the state-owned conglomerate said the restructuring would include about $6 billion covered by Islamic bonds issued by its Nakheel subsidiary, the real estate developer famous for building Dubai's palm tree-shaped islands.
The developer has a roughly $3.5 billion Islamic bond coming due in two weeks.
Dubai World asked holders of the bonds to appoint representatives as a first step in a restructuring effort. Late Monday, law firm Ashurst said it was representing a group of creditors, who account for about a quarter of the $3.5 billion coming due from Nakheel.
The announcement, which helped clarify how much of Dubai World's nearly $60 billion in liabilities might be at risk in a restructuring, sparked a rally in U.S. markets late in Monday’s session.
On Wednesday, the government of Dubai said it had taken control of restructuring efforts at Dubai World, the city-state's corporate flagship, and would ask for a six-month standstill on debt payments. The statement took bond holders by surprise and roiled international financial markets.
On Monday, senior Dubai officials stressed that the government wasn't obliged to step in to support Dubai World.
Abdulrahman Al Saleh, director general of Dubai's Department of Finance, said on Dubai TV that while the government owns the company, its debt isn't guaranteed by the government.
“Creditors need to take part of the responsibility for their decision,” he said.
While the Tuesday Dubai World statement offered the first taste of clarity for a financial world eager for some transparency, it did not deal with the broader issue of how the company and Dubai itself would deal with the overall debt.
One possibility is that Abu Dhabi will step in, more to salvage the UAE's creditworthiness and economy than out of any filial or legal obligation to Dubai. Abu Dhabi's rulers appear to be furious over Dubai's handling of last week's debt announcement and have remained silent amid the crisis.
A Dubai World spokesman wasn't available for comment after the restructuring statement early Tuesday morning.