$1.2 billion loan extended by Dubai Limitless for 90 days
On Tuesday, Dubai World property unit, Limitless approved with creditors to a 90-day expansion on a $1.2 billion loan that was due March 30.
A spokesperson for Dubai World, parent company of Limitless, refused to comment.
In Dubai, Creditors are meeting to analyze the financials and projects on the books of Limitless.
A banker close to the transaction, told, adding that negotiations also contain $600 million in down payments by customers and couple of billion owed to contractors, "Limitless is expected to request payment of the loan over five years."
Bankers are still worried that Limitless does not form a part of Dubai World debt proposal declared last Thursday and is not receiving any support from the Dubai government.
New Zealand News
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