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)
More on GCC
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
Lately on Kipp
-
First report by Etisalat covering global footprint
-
Qatar Should Consider More Flexible Exchange Rate – Central Banker
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Yahoo on Tumblr: ‘we promise not to screw it up’
-
Sourcefire Delivers Unprecedented Visibility And Tracking Of Malware
