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Dubai’s Limitless to get six month loan delay – sources
Delay will alow company to formulate new plan.
September 27, 2010 4:53 by Reuters
Dubai World’s real estate development unit Limitless is set to delay repayment of a $1.2 billion loan for six months, two sources familiar with the matter said, as the emirate’s debt worries drag on.
The delay will allow the company — whose website boats ambitious projects such as a canal in Dubai, a leisure complex in Vietnam and a riverside development outside Moscow — to present a new plan to restructure its debt.
“Limitless has asked for another six-month extension and they’ll probably get it. They want the time to come up with the restructuring terms and give banks time to agree,” one of the sources said, requesting anonymity.
Limitless joins a growing list of entities extending their restructurings in Dubai, including private equity firm Dubai International Capital and real estate group Nakheel.
Limitless declined to comment.
(Reporting by Sarah White; additional reporting by Rachna Uppal and Jason Benham in Dubai. Editing by Douwe Miedema)