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Limitless says it will repay debts by 2016
- United Arab Emirates: Tuesday, October 16 - 2012 at 02:15
Limitless, the former property arm of Dubai World which reached a restructuring agreement with creditors on a $1.2bn loan last week, has announced it will repay debt due to bank creditors by 2016, Reuters has reported. The company, the former property arm of Dubai World , will repay trade creditors in full in 2015 without offering any interest on their loans due, while other lenders will be paid in 2014 and 2016, Limitless chairman, Ali Rashid Lootah, said. Dubai World transferred ownership of Limitless to the government along with Nakheel Properties, which also restructured its $16bn debt last year. Lootah said the transfer of ownership from Dubai World should be concluded by the end of the year.
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