Dubai’s Limitless to repay USD564m to creditors

30 Jun 2015

(MENAFN) Limitless, the Dubai-based real estate company, is set to repay USD564 million to trade creditors and has obtained an agreement of about 90 percent of banks to protract its due date till December 2018, Reuters reported.

The company will sell part of its land bank in Saudi Arabia as means to finance the cash payment, which accounts to 42 percent of the total USD1.21 billion debts, according to a corporate statement.

Limitless’s talks with creditors have been arduous. It missed a USD400 million payment deadline linked to a previous restructuring deal on December the 31st, though its prior request for an extension meant it was not technically in default.

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