Limitless Says 85% of Creditors Agreed to Extend Debt DeadlineZainab Fattah and Matthew Martin
Limitless LLC got approval from about 85 percent of its creditors for a three-month extension to a loan payment due last month. The Dubai-based property developer is seeking to change terms on $1.2 billion of debt.
Limitless is waiting for all creditors to approve the extension before seeking approval for a new business plan as part of the restructuring of its bank debt, Chairman Ali Rashed Lootah said today at a Nakheel PJSC press conference in Dubai. Creditors have already seen the new business plan, said Lootah, who is also chairman of Nakheel.
Limitless is one of several Dubai government-related companies that delayed debt payments after asset prices slumped and credit markets froze during the financial crisis. The company began talks with lenders to restructure its debt for a second time last year. It has proposed paying lenders in three installments in 2016, 2017 and 2018, instead of the annual repayments that were due to start with $400 million last month, three people familiar with the proposal told Bloomberg in December.
“The idea now is to get a three month-extension and give them a new business plan,” Lootah said. “Nobody has raised any objections or any questions on the new business plan.”
Lootah said Limitless is proceeding with real estate projects in Vietnam and Russia.