Friday 5 February 2010
Dubai eyes $1.2 bln Limitless loan rollover - sources
Dubai World will seek to roll over a $1.2 billion Islamic loan at its Limitless property unit due in March but it is unclear whether banks will agree in the absence of a standstill agreement, banking sources said on Thursday.
The state-owned firm, which rattled global markets when it requested a delay on $26 billion of debt linked to its main property units Nakheel and Limitless World last November, has been negotiating with an unofficial bank coordinating committee. But it has yet to present a formal proposal on plans to repay some $22 billion in debt.
Limitless's two-year Islamic facility does not have the option of an extension which would mean the company would need to reach a new agreement with lending banks, according to loan documentation.
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I think,dubai government has waited too long time for repayment.They need to re construct their market and grow towards better future.
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