Dubai's Limitless debt deal held up by minority creditors | Reuters

Dubai's Limitless debt deal held up by minority creditors | Reuters:

"A minority of creditors are resisting attempts by Dubai government-owned property developer Limitless to seal a restructuring on around 1.9 billion dirhams ($517 million) in bank debt, three banking sources said.

The company needs complete creditor approval in order to push through any deal, with the absence of an agreement raising uncertainty about its future prospects at a time of weakness in the United Arab Emirates' property market.

In June, the company said it had won the approval of almost 90 percent of banks to a repayment plan involving 1.9 billion dirhams of bank debt. In return, Limitless is asking its 18 creditor banks to agree to extend the term of its debt by two years to December 2018."



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