Limitless has reached full lender agreement on its US$1.2 billion loan, the company announced today (Thursday).
“We thank our stakeholders for their patience, support and understanding throughout our financial restructuring,” said Limitless Chairman Ali Rashid Lootah after the signing of the agreement in Dubai today.
“This milestone marks a new beginning for Limitless, and enables us to move forward and focus on the continued delivery of our master planned communities in the UAE, Saudi Arabia, Russia and Vietnam.”
Limitless has honoured all profit payments on the loan since it was signed in 2008, and will continue to make the payments under the new agreement.
The company has also fully cleared its obligations to 92 per cent of trade creditors, and has signed settlement agreements with the remainder.
Limitless’ current projects in Dubai are the Downtown Jebel Ali master development and The Galleries mixed-use community within phase one of Downtown Jebel Ali. Overseas, the company is currently developing Al Wasl in Saudi Arabia, Zagorodny Kvartal in Russia and Halong Star in Vietnam.
Limitless will shortly commence implementation of the transfer of ownership from Dubai World to become a Dubai Government-owned entity.
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