by business editor Trevor Sturgess

Dubai World, the owner of P&O Ferries, has confirmed that the Dover-based cross-Channel operator is financially stable and will not be involved in debt restructuring.

Following revelations about the conglomerate’s debt crisis, it issued a statement saying that the restructuring would only relate to Dubai World and certain subsidiaries, including property company Nakheel World.

Debts of the companies being restructured amount to around £16bn.

In a statement, the company said: "The proposed restructuring process will only relate to Dubai World and certain of its subsidiaries including Nakheel World and Limitless World.

"The process will not include Infinity World Holding, Istithmar World and Ports & Free Zone World (which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone), all of which are on a stable financial footing.”

Yesterday, a P&O spokesman in Dover said the debt crisis was unlikely to affect the operator as it was a financially sound business.

He said: “For both the day to day business of P&O Ferries and for our major investments, our financing does not rely on support from our owner Dubai World.

“Although a plan to restructure Dubai World has been announced, this would appear to be concentrated upon the major property interests of the group in Dubai itself.”