Limitless debt repayment by 2016
Bank creditors to get debt repayments by 2016, trade creditors by 2015
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Limitless, the former property arm of Dubai World, said on Tuesday that it would repay debt due to bank creditors by 2016.
According to a Reuters reports, the company, which reached a restructuring agreement with creditors on a $1.2bn loan last week, said that it will repay trade creditors in full in 2015, without offering any interest on their loans due.
Other lenders will be paid in 2014 and 2016, Limitless chairman, Ali Rashid Lootah, said.
In September, the property investment arm said that it aimed to seal its $1.2bn debt deal with creditors. The Islamic debt facility, which was originally due to mature in March 2010, has been rolled over several times.
Limitless, which had once announced plans to build a 75km inland waterway called Arabian Canal, was excluded from Dubai World’s $24.9bn restructuring, which was announced in March 2011.
Dubai World transferred ownership of Limitless to the government of Dubai along with Nakheel Properties, which also restructured its $16bn debt last year.
Lootah said that the transfer of ownership from Dubai World should be concluded by the end of the year.
Limitless specialises in master-planning large scale mixed use communities and water-front developments. The company was founded in 2005 and has worked on a variety of projects, including Downtown Jebel Ali, Al Wasl in Saudi Arabia and Zagorodny Kvartal, a Moscow based residential project located alongside the Moscow Canal.