Government-owned Dubai World is considering offer its creditors equity stakes in a bid to cope with its $60 billion debt, reported Bloomberg on Thursday, citing sources close to the matter.

“We can consider selling part of our assets under the investment arm conditional that it has the right value, but we will definitely not embark upon any fire sale,” Jamal Majid Bin Thaniah, confirmed Dubai World’s CEO to the news agency. An initial public offering for Nakheel “is an option we might consider depending on the opportunity.”

The conglomerate may also ask for a cash injection, which may be sourced from the UAE’s Central Bank via the Dubai government.

The news comes amid Dubai World’s global firing spree that saw 12,000 employees lose their jobs.