Limitless, the indebted property arm of Dubai World, will seal a final deal with creditors in September to restructure its $1.2 billion debt pile, the chairman of state property firm Nakheel told a local newspaper on Tuesday.
"The company got the approval of all lending banks on the restructuring terms and no objection was received from any bank," Ali Rashid Lootah told Al-Ittihad newspaper.
Nakheel and Limitless, which were earlier property arms of Dubai World, are now moved under the control of Dubai government.
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