Dubai, which borrowed heavily to fuel development, rocked global financial markets in late November when it said it might be forced to freeze debt payments by Dubai World, stoking fears of a state default over sovereign debt. Virtually all of the troubled Dubai World conglomerate's creditor banks have agreed to its proposal to restructure some $24.9 billion of debt, the company said today. Dubai World 'has received formal agreement from over 99% by value and approximately 99% by number of its creditor banks to its restructuring proposal,' a statement said. 'This overwhelming support means that the company is well positioned to close the restructuring in the coming weeks,' it added. The Dubai government said today that 'approximately $24.9 billion of liabilities' would be restructured under the agreement. Dubai World had said in May that it had reached an agreement in principle with most of its lenders, putting the amount to be restructured at about $23.5 billion. The total now stands at $24.9 billion due to interest accrued since May and guarantees to trade creditors, a Dubai World spokeswoman said. Dubai World's total debt, including liabilities, is around $60 billion. The emirate's debt is estimated at between $80-100 billion, but some analysts say it could be as high as $170 billion. Dubai World's major lenders include four British banks - HSBC, Lloyds, RBS and Standard Chartered - the Bank of Tokyo, Abu Dhabi Commercial Bank and Dubai's Emirates NBD bank.