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Limitless gets 85% creditor assent for debt extension

By Reuters

Dubai real estate developer Limitless has secured the agreement of 85 per cent of its creditors for a three-month extension to a debt repayment due at the end of 2014 and for its proposed restructuring plan, its chairman said on Wednesday.

However, Limitless is looking to obtain the support of 100 per cent of the creditors, Ali Rashid Lootah told a news conference.

Limitless asked for the extension after failing to agree a new debt deal before a payment on its $1.2 billion existing restructuring scheme fell due on December 31.