DUBAI / WAM
Dubai-based real estate developer Limitless will close out 2017 with an early payment of AED412.4 million to banks and trade creditors on Thursday, December 21. 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, representing 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.