Dubai Limitless extends US $1.2bn loan
Limitless has been left out of the Dubai World restructuring plan
Dubai World’s property arm Limitless has agreed with creditors to a 90-day extension on a US $1.2 billion loan that was due to be paid on March 30, according to Zawya Dow Jones.
A banker close to the matter told the newswire that creditors were meeting in Dubai to review the financial situation of Limitless and that it is expected to request payment of the loan over a period of five years.
When Construction Week contacted Limitless, a spokesperson said that the developer would not comment on discussions with lenders as they were a private matter, but re-affirmed that “Limitless is excluded from Dubai World’s debt restructuring process as per Dubai World’s announcement last week.”