Developer Limitless makes $122m payment to banks, creditors
Dubai-based real estate developer Limitless will on Thursday provide an early payment of $122m (AED412.4m) to banks and trade creditors a week ahead of schedule
Dubai-based real estate developer Limitless will on Thursday provide an early payment of $122m (AED412.4m) to banks and trade creditors a week ahead of schedule.
The payment will consist of $81m (AED297.1m) to banks and $31m (AED115.3m) to trade creditors, with the developer repaying almost half of its outstanding debt obligations.
The transactions will bring Limitless’ bank repayments to $599m (AED2.2bn), 49.4% of the total due, with $76m (AED278.7m) paid to trade creditors, representing 48.3% of the total settlement due.
In May 2016, Limitless cleared $517m (AED1.9bn) of bank debt with an immediate payment following the conclusion of its restructuring agreement with lenders.
The payment, six months ahead of time, covered the first repayment installment and 80% of the second.
The company also paid $44m (AED163m) to trade creditors at the time. The final repayments are due in December 2018.
"Limitless continues to meet its obligations and commitments to investors. We thank the Government of Dubai and our lenders, trade creditors and investors for their continued trust and support," chairman of Limitless, Ali Rashid Lootah, said.