Limitless, a property developer controlled by Dubai World, and its creditors reached an initial agreement on terms to restructure a $1.2bn loan, three bankers familiar with the talks said.
The company has been given a seventh extension on the loan until the end of April as the restructuring plan is concluded, the bankers said, declining to be identified because the discussions are private. A formal agreement may be signed early February, they said.
The Islamic loan was originally due to mature in March 2010.
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