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FINANCIAL NEWS
Dubai’s Limitless in USD1.2b debt restructure with creditors
13 Oct 2012
(MENAFN)Dubai World’s property unit Limitless has reached a deal with its creditors to restructure a USD1.2 billion Islamic loan, Reuters reported.
Limitless has honoured all profit payments on the loan since it was signed in 2008, and will continue to make the payments under the new agreement, the company said in a statement.
The state-owned firm, one of the victims hard hit by the global financial crisis, has rolled over the Islamic debt facility, and owed to a syndicate of banks, several times. The loan was originally due to mature in March 2010.
The company also said it will soon start the process of transferring its ownership from Dubai World to Dubai government.
Limitless’ projects include a mixed-use facility at Dubai’s Downtown Jebel Ali and developments in Saudi Arabia, Moscow and Vietnam.
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