Dubai real estate developer Limitless will repay Dh2.07 billion to bank and trade creditors and has secured the assent of almost 90 per cent of banks to extend its remaining debt to December 2018, it said on Monday.
The cash payment, equivalent to 42 per cent of its Dh4.45bn total debt pile, will be funded by the sale of part of its land bank in Saudi Arabia, the company said in a statement.
Limitless’s talks with creditors have been arduous. It missed a $400 million payment deadline linked to a previous restructuring deal on December 31, though its prior request for an extension meant it was not technically in default.
More to follow.
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