Real estate developer says new payment will bring total repayments to AED2.2bn
Dubai-based real estate developer Limitless has announced it will close out 2017 with an early payment of AED412.4 million ($112.1 million) to banks and trade creditors on Thursday.
The payment – a week ahead of the due date – comprises AED297.1 million to banks and AED115.3 million to trade creditors. Once made, Limitless will have repaid almost half of its outstanding bank debt and trade creditor obligations.
Thursday’s transactions will bring Limitless’ bank repayments to AED2.2 billion (49.4 percent of the total due), with AED278.7 million paid to trade creditors (48.3 percent of the total settlement due).
In May 2016, Limitless cleared AED1.9 billion of bank debt with an immediate payment following the conclusion of its restructuring agreement with lenders.
The payment, six months ahead of time, covered the first repayment instalment and 80 percent of the second. The company also paid AED163 million to trade creditors at the time. The final repayments are due in December 2018.
Limitless chairman Ali Rashid Lootah said: “Limitless continues to meet its obligations and commitments to investors. We thank the Government of Dubai and our lenders, trade creditors and investors for their continued trust and support.”