Dubai World disappointed creditors yesterday by making little progress on securing standstill on $22 billion (€15.3 billion) of debt, as a key creditor meeting turned out to be a tame affair with fewer than half the expected attendees showing up.

A banking source said that Dubai World told creditors it would pitch the standstill proposal in mid-January.

Dubai World said the meeting was an overview and that creditors needed to form a panel for talks to proceed, but gave few details. Amid confusion, more than half of the 300 expected attendees did not show up while many others were not able to dial in due to technical problems. – (Reuters)