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Thu 18 Mar 2010 05:28 PM

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Dubai World Limitless makes payment on $1.2bn loan - banker

Company hasn't said whether it will pay off the entire loan later this month.

Dubai World Limitless makes payment on $1.2bn loan - banker
BIG DEAL: The Islamic loan to Limitless World is due next month.(Getty Images)

Bankers said that Dubai World’s property unit Limitless on Thursday paid creditors interest for a $1.2bn loan due at the end of this month, according to a Zawya Dow Jones.

The newswire reported on Thursday that a banker with exposure to the loan said: "The interest has been paid off but the company has not said whether it will pay off the entire loan later" this month.

However, a spokesman for Dubai World declined to comment, Zawya Dow Jones added.

Dubai World's lenders have rolled over billions in maturities since May 2009 and a pending $1.2 billion loan payment for its Limitless property unit will also get extended, people familiar with the matter said on Tuesday.

The Islamic loan to Limitless World is due next month.

The maturity comes as Dubai World operates a de facto standstill with creditors pending a plan on how it will repay about $22 billion in debt.

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