Limitless, the indebted property arm of Dubai World, has reached an agreement with creditors to restructure a $1.2 billion Islamic loan, the company said on Thursday.
Limitless will also shortly commence a procees to transfer ownership of itself to the Dubai government from conglomerate Dubai World, it said in a statement.
Limitless has honoured all profit payments on the loan since it was signed in 2008, and will continue to make the payments under the new agreement, the company said.
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