The crisis-hit Dubai World is said to be in touch with lenders for standstill agreement within next two weeks. The deal may run to end-April and will be subject to interest payment throughout.

Dubai World and lenders held a meet on 21 December and discussed the restructuring plan in the presence of Dubai World advisers Deloitte, Rothschild and Clifford Chance.

The financial firm had stated after the meeting, "Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects."

A person concerned with the development said that the restructuring advisor Deloitte has been shaping plans for the companies to be covered under the agreement. The plans would be then submitted to lender advisor KPMG for final approval on legal changes in terms and conditions.

Dubai government has been guided by US advisory firm Moelis while Rothschild and Deloitte have been shaping the restructuring plan. Soon, a Dubai World creditor committee comprising Abu Dhabi Commercial Bank, Emirates NBD, LloydsTSB, HSBC, Royal Bank of Scotland and Standard Chartered would be set for communicating with creditors.