Limitless to delay repayment of $1.2bn loan

28 September 2010

Company wants a six month extension

Limitless, a real estate development unit of Dubai World, is to delay repayment of a $1.2bn loan for six months, Bloomberg has reported, citing two sources familiar with the matter. “Limitless has asked for another six-month extension, and they will probably get it. They want the time to come up with the restructuring terms and give banks time to agree,” one of the sources said, requesting anonymity. The extension requires unanimous approval of all lenders by September 30 and would be the company’s second.

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