Dubai Real Estate, Property News: Limitless Restructuring Looms - Bloomberg:
Limitless World LLC is close to hiring financial and legal advisers for the Dubai-based developer’s third restructuring as the emirate’s on-going property slump is set to worsen.
The company told creditors that it’s in the “final stages” of engaging advisers to work on a restructuring plan as it’s “unable to pay accrued profit at the end of March,” according to a letter sent to banks and seen by Bloomberg.
Limitless’ board has recently been reorganized to comprise three members, who are being advised “on all matters” by a team from Dubai World, the letter said.
A spokeswoman for Limitless confirmed that the developer has written to creditors as a “first step toward finding a solution for all stakeholders,” without giving further details.
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