Dubai’s Limitless to Pay $564 Million as Banks Agree Debt Deal
- Banks to get 1.9 billion dirhams, suppliers 163 millon dirhams
- Payments were to be made in December 2016, 2017, 2018
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Limitless LLC, a Dubai government-owned property developer, will make an early payment of 2.07 billion dirhams ($564 million) to banks and trade creditors after reaching a second debt restructuring deal with them.
The company will pay 1.9 billion dirhams to banks this month, covering 43 percent of the outstanding loan amount, Limitless said in an e-mailed statement on Thursday. It will pay 163 million dirhams to trade creditors, or about 28 percent of the amount owed, it said.