Dubai: The Dubai Government owned master-developer Limitless is making an early payment of Dh412.4 million to banks and other trade creditors. This will be done on Thursday (December 21).
The payment – which is being done a week ahead of the due date – is split between the Dh297.1 million for banks and Dh115.3 million to the trade creditors.
Once done, Limitless, which has extensive land bank in Jebel Ali and overseas development interests, will have repaid almost half of its outstanding bank debt and trade creditor obligations.
In May 2016, Limitless cleared Dh1.9 billion of bank debt with an immediate payment following the conclusion of a restructuring agreement with lenders. The payment, done six months ahead of time, covered the first repayment instalment and 80 per cent of the second.
The company also paid Dh163 million to trade creditors at the time. The final repayments are due in December 2018.