Dubai real estate developer Limitless has secured the approval from 85 per cent of its creditors for a three-month extension to a debt repayment due at the end of last year and a new restructuring plan, according to Ali Rashid Lootah, the company’s chairman.

The company failed to reach an agreement with creditors on the restructuring of $1.2bn-worth of debt before a repayment deadline set for 31 December 2014.

As yet there have been “no objections” to the company’s proposed new business plan, Lootah said speaking at a press conference for developer Nakheel in Dubai, of which he is also the chairman.

Limitless ran into trouble when Dubai’s property market crashed in 2008-09 which led to the first restructuring of the company’s debt.

Talks resumed with creditors in 2014 to discuss the current restructuring.

Last year, the company announced its expansion plans beyond the UAE, having won approval to start work on its Vietnam real estate development.

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