Dubai: Developer Limitless said on Thursday it would make an early payment of Dh2.07 billion to banks and trade creditors this month after reaching a restructuring agreement with its lenders.
The Dubai-based firm is to pay its outstanding Dh4.45 billion in three instalments in December 2016, 2017 and 2018 under the agreement. Limitless will pay Dh2.07 billion immediately, covering the first instalment and 80 per cent of the second instalment, according to a company statement.
The majority of the payment — Dh1.9 billion — will be made to banks, covering 43 per cent of Limitless debt to banks, and Dh263 million will be paid to trade creditors, 23 per cent of what is owed, the company said in a statement.
“We are delighted to have reached 100 per cent lender agreement on our financial restructuring, and proud to be able to outperform the plan with a significant payment that will cover the first instalment seven months ahead of time, and 80 per cent of the second instalment more than 18 months early,” stated Limitless Chairman Ali Rashid Lootah.
“We thank the Government of Dubai, our lenders and trade creditors for the trust, patience and support that they have shown as we worked together in reaching this historical milestone, which paves the way for Limitless to continue to develop its assets and meet its commitments to investors.”
