DUBAI (Reuters) - Dubai World is prepared to sell prized assets including previously ring-fenced ports firm DP World in a bid to raise as much as $19.4 billion to repay creditors, a document obtained by Reuters showed.

The document, presented on July 22 to creditors at Dubai's lavish Atlantis Hotel, also revealed that the state-owned conglomerate's debt stood at $39.9 billion, higher than the widely expected mid-$20 billion range.

Dubai World, battling to win creditor support for a restructuring by October 1 in order to start cleaning up its balance sheet, warned a sale of assets right now would generate a maximum of $10.4 billion, according to the document, which was obtained on Wednesday.

"DW (Dubai World) lender recoveries (will be) significantly enhanced if DW is given time to rebuild and realise value over a five- to eight-year horizon," the document said.

Rami Sidani, head of investment at Schroders Middle East, said the level of debt was "much larger" than anticipated and was surprised key assets were now potentially on the block.

"Now we're talking about almost $20 billion of asset sales. That is negative news. The surprise is that it is talking about the asset sales of Jafza (Jebel Ali Free Zone) and DP World, which have been perceived as strategic assets," he said.

The midpoint of the range that Dubai World expects to raise from selling assets is $17.6 billion, the document showed.

"(That) is pretty ambitious and if DW cannot meet that there is increased likelihood of further support from the Dubai government which could be negative for Dubai sovereign risk," said Okan Akin, corporate debt strategist at RBS in London.

Among the prized assets also slated for sale are stakes in luxury retailer Barney's, the Atlantis Hotel and casino operator MGM Resorts International, within the plan to raise up to $7.6 billion in five years.