Dubai property developer Limitless has been given a seventh extension on the repayment of a $1.2bn loan that was originally due in March 2010.

Bankers close to the company say the latest extension will run until April, by which time the firm hopes to have agreed a longer term restructuring plan for the debt that will give it at least another four years to repay.

Limitless, which was originally a subsidiary of Dubai World, decided to enter into its own debt negotiations after originally being part of the parent company’s $25bn debt restructuring.