DUBAI, Oct 14 (Reuters) - Dubai property firm Limitless, which reached a restructuring agreement with creditors on a $1.2 billion loan last week, will repay debt due to bank creditors by 2016, the indebted firm’s chairman said on Sunday.
Limitless, which was hit hard by the emirate’s 2009 property market crisis, will fully repay trade creditors in 2015 without offering any interest on their loans due, Ali Rashid Lootah told reporters.
The developer concluded a deal on restructuring the $1.2 billion loan last week, bringing to an end talks that had lasted over two years.
It has cleared its obligations to 92 percent of trade creditors, and has signed settlement agreements with the remainder, Limitless said in a statement last week. (Reporting by Praveen Menon; Writing by Dinesh Nair; Editing by Andrew Torchia)