Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million - Bloomberg Business

Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million - Bloomberg Business:



"Dubai-based developer Limitless LLC will pay banks and trade creditors 2.07 billion dirhams ($564 million) after it sold part of its land bank in Saudi Arabia.



About 90 percent of the funds will be paid to lenders, representing 42 percent of the company’s outstanding bank debt of 4.45 billion dirhams, the company said in a statement on Monday. Limitless sold half its 14 million square meters (151 million square feet) of land in Riyadh to Saudi Real Estate Co., Chairman Ali Rashed Lootah said at a news conference today.



Limitless is negotiating with banks on new terms for the repayment of the remaining amount by December 2018, two years later than the original plan. Almost 90 percent of lenders have agreed to the revised terms, according to the statement. Lootah expects the remaining 10 percent to accept the terms soon. The company owes trade creditors 576 million dirhams, he said."



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