New reports are pouring in about Dubai World and its plans to sell its iconic cruise liner the QE2. Dubai World is also planning to sell other interests, including Cirque du Solei, as it tries to cut down its $22 billion mountain of debt.

Just last week the conglomerate’s investment subsidy Istihmarm started proceedings with the sale of a 13 percent stake in the Indian domestic airline SpiceJet. It had also entered into talks to sell Inchcape Shipping Services with an estimated $700 million price tag. Other interests that are likely to be sold off include stakes in Standard Chartered Bank, Gulf Stream Asset Management and EMPG.

Dubai World built up its worldwide portfolio of assets during 2000 to 2009. The acquisitions were made using part of its own equity, as well as large debt from international banks. However, last November it announced that it was seeking to delay debt payments as it looked to undertake a capital refinancing.

Since then, Dubai World has received about $6.21 billion in emergency funding from the Dubai Financial Support Fund. Despite this, there is still growing concern among other banks that the Dubai Financial Support Fund will be made a preferential creditor. This would thereby jeopardize their willingness to extend credit facilities to Dubai World.

Right now it is understood that Dubai World is likely to sell its assets individually rather than as a portfolio. However, nothing can be made clear just yet, as everything is still unfolding. It is still not clear just how many assets that Dubai World plans on selling off.