Property investment firm aims to seal deal by end of September, officials say
The troubled property investment arm of Dubai World, Limitless has said it was aiming to seal, by the end of September, its $1.2bn debt deal with creditors.
The Islamic debt facility, which was originally due to mature in March 2010, has since been rolled over by the developer several times. Reuters reported in July that Limitless was close to reaching a debt deal with creditors, under which it proposed paying interest of 175 basis points over the London interbank offered rate (Libor) under the new terms.
Limitless, which once announced plans to build the 75km Arabian Canal inland waterway, was excluded from Dubai World’s $24.9bn restructuring announced in March, 2011.
Along with developer Nakheel, Dubai World transferred ownership of the firm to the government last year.