JPMorgan Chase has said that altering the terms of Dubai World's $14.4bn of debt may have caused a 56% loss to creditor banks that provided loans to the state-owned holding company, and that lenders may have to aside 10% of these loans to cover losses, Bloomberg has reported. Dubai World's loans have a fair value of 44 cents to 46 cents to the dollar after the restructuring proposal, JPMorgan said in a research report. The company's $4.4bn of Group A debt has a fair value of 58 cents to 61 cents, and $10bn of Group B debt a fair value of 36 cents to 41 cents, it said.