Dubai: Limitless makes early payment of AED412.4mn to creditors

Dubai-based developer, Limitless, will close out 2017 with an early payment of AED412.4mn to banks and trade creditors on December 21, 2017.

The payment – a week ahead of the due date – comprises AED297.1mn to banks and AED115.3mn to trade creditors. Once made, Limitless will have repaid almost half of its outstanding bank debt and trade creditor obligations.

The transactions will bring Limitless’ bank repayments to AED2.2bn; 49.4% of the total due, with AED278.7mn paid to trade creditors – 48.3% of the total settlement due.

In May 2016, Limitless cleared AED1.9bn 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 installment and 80% of the second. The company also paid AED163mn 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.”