Property developer Limitless is getting closer to completing its debt restructuring after a dissenting creditor sold its share of the company’s AED4.45bn ($1.2bn) debt.

New York-based Stonehill Capital Management has sold its share worth around $15m at face value, to Dubai Islamic Bank (DIB), the biggest Sharia-compliant lender in the emirate and a member of the Limitless creditor committee, news agency Reuters cited sources as saying.

The sale clears the way for Limitless, a Dubai government-controlled developer, to move ahead with its second debt restructuring since 2008 financial crisis.

Stonehill wasn’t available for comment, while Dubai Islamic Bank and Limitless declined to comment to the news agency.

The company requires all of its 18 creditor to agree to the restructuring plan, which involves extending the existing debt by two years to December 2018. Under the proposed terms, Limitless will make an advance repayment of AED2.07bn to banks, including AED1.9bn in bank debt and a further AED176m to trade creditors, using cash from the sale of land in Saudi Arabia.

Limitless could start making payments before the end of this month, if all creditors sign the agreement in time.

The second round of debt restructuring started after it missed a $400m payment deadline linked to a previous restructuring deal on 31 Decemeber 2014.

In June 2015, the company said it had won the approval of almost 90 per cent of banks. However the process was delayed as dissenters, mostly U.S.-based hedge funds who had bought the debt at a percentage of its face value were looking to make as large a profit as possible by selling it.

Earlier this year Silver Point Capital, another US hedge fund sold half of its roughly $80m loan to Dubai-based lender Mashreq and the other half to Massar Investments, an investment firm controlled by Mashreq’s owners.

Emirates NBD, Mashreq and National Bank of Abu Dhabi are the other creditor committee members.