#Dubai developer Limitless set to agree third debt restructuring deal | Reuters

Dubai developer Limitless set to agree third debt restructuring deal | Reuters

Dubai state-owned property developer Limitless is set to reach an agreement with creditors over some $760 million of troubled debt, documents seen by Reuters showed - its third restructuring in a decade.

Limitless, along with Nakheel, was among the biggest casualties of Dubai’s property crash and the subsequent debt crisis that began in 2009.

It plans to enter into a lock-up agreement - a precursor to a long form term sheet and definitive documentation - with an ad-hoc group of creditors by the end of this month and with remaining creditors by the end of September to restructure the debt, an overview of the plan seen by Reuters showed.

The ad-hoc group includes First Abu Dhabi Bank (FAB.AD), Dubai Islamic Bank (DISB.DU), Emirates NBD (ENBD.DU), Arab National Bank (1080.SE), and Mashreqbank (MASB.DU).