Dubai's Limitless confirms $563m debt payment date
Limitless has confirmed that its early payment of $563m to banks and creditors will take place on 28 May, 2016
Dubai-based real estate developer Limitless has confirmed that its early payment of $563m (AED2.07bn) to banks and trade creditors will take place on 28 May, 2016.
The announcement of the repayment date follows the company's successful conclusion of its restructuring agreement with lenders.
The payment will cover the first instalment seven months ahead of time and 80% of the second instalment 18 months early.
Limitless has instructed its bank to release $517m (AED1.9bn) to banks and (AED163m) to trade creditors - representing 43% of the outstanding bank debt and 28% of the money owed to trade creditors.
Under the agreement, Limitless is required to pay its outstanding $1.2bn (AED4.45bn) in bank debt in three instalments in December 2016, 2017 and 2018.
Limitless chairman Ali Rashid Lootah, said: "We are delighted to have reached 100% lender agreement on our financial restructuring, and proud to be able to outperform the plan with a significant payment that will cover the first instalment seven months ahead of time, and 80% of the second instalment more than 18 months early.
"We thank the Government of Dubai, our lenders and trade creditors for the trust, patience and support that they have shown as we worked together in reaching this historical milestone, which paves the way for Limitless to continue to develop its assets and meet its commitments to investors."