Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million
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Dubai-based developer Limitless LLC will pay banks and trade creditors 2.07 billion dirhams ($564 million) after it sold part of its land bank in Saudi Arabia.
About 90 percent of the funds will be paid to lenders, representing 42 percent of the company’s outstanding bank debt of 4.45 billion dirhams, the company said in a statement on Monday. Limitless sold half its 14 million square meters (151 million square feet) of land in Riyadh to Saudi Real Estate Co., Chairman Ali Rashed Lootah said at a news conference today.