State-backed conglomerate Dubai World says it has reached a deal with creditors to rework terms on $14.6 billion of debt, giving it more breathing room as it works to move beyond its financial challenges.

The company said Sunday it will pay back $2.92 billion worth of the debt earlier than scheduled this year and extend repayment of the rest from 2018 until 2022. The lenders include banks and investors from the Middle East, Europe and Asia.

The company says the deal gives it "more time to dispose of non-core assets." Its portfolio includes several companies, including port operator DP World and shipbuilder Drydocks World.

Dubai World previously renegotiated terms on $24.9 billion in debt in 2011 — a key step in resolving fallout from the Dubai's 2009 financial crisis.