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"The total value of debt carried by the companies subject to the restructuring process amounts to approximately 26 billion dollars, the holding company said in a statement. It said 6 billion dollars of the sum related to Islamic bonds held by its subsidiary Nakheel.

The subsidiaries Infinity World Holding, Istithmar World and Ports and Free Zone World would not be subject to restructuring while the new steps would affect Nakheel World and Limitless World, it said.

Nakheel on Monday asked that its bonds stop being traded on the Dubai exchange. The development wing of Dubai World, it has has a 3.5-billion-dollar Islamic bond (sukuk) due in December.

Dubai World also pledged to be more transparent. "Dubai World intends to adopt a policy of regular communication and will provide further updates as this process develops," the statement said.

A lack of transparency has spooked investors, having been already hit by Dubai World's announcement last week that it would seek a six- month freeze on its liabilities, which total 59 billion dollars.

That news came after Dubai officials spent the previous weeks reassuring investors that the debt was being managed.

The central bank of the UAE on Sunday said it would set up a lending facility to supply liquidity to banks should they need it to cushion the fallout from Dubai World.

Both the Dubai and Abu Dhabi exchanges took a beating in trading Monday, the first day of business since the Dubai World announcement.

Dubai governmental officials have made it clear the state will not back the debt of the troubled giant.

Analysts have noted that, while Dubai World was in trouble, there were valuable assets behind the liabilities that could give it some breathing room to reconfigure its obligations.