IslamicFinance.de

Dubai-based property developer Limitless is set to complete a drawn-out debt restructuring after the final dissenting creditor sold its share of the company's 4.45 billion dirhams ($1.2 billion) debt. New York-based Stonehill Capital Management sold its debt in the state-controlled company, worth around $15 million at face value, to Dubai Islamic Bank, an existing creditor and one of the members of the creditor committee. They declined to say at what price the debt was bought.

Limitless LLC, the Dubai-based developer, has reportedly asked creditors to defer the first installment on its $1.2 billion restructured debt until the end of 2015. The company has offered banks 200 million dirhams ($54 million) toward the $400 million amortization due in December. Limitless, which was put under the management of state-controlled developer Nakheel PJSC in 2010, has requested postponement of payment for a year. The company is revising business plans and will approach lenders about the debt maturing in 2014, its chairman Ali Rashid Lootah said. Options include sale of land in Jebel Ali, he added. Seemingly, the company reached an arrangement that would give lenders a profit rate equivalent to interest of 175 basis points over the London interbank offered rate and may extend payment by five years.

Property giant Limitless has made a deal to to restructure $1.2bn (Dh4.4bn) of Shari’ah compliant debt with its lenders. The syndicate was established in 2008 and was originally due in 2010. Because of the restructuring, the company's ownership will be transferred to the government of Dubai. Limitless has set to repay all its creditors by 2016.

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It seems that Limitless received a fifth extension on a $1.2bn loan as the real-estate developer administrated by state-owned Dubai World works on a restructuring plan.
This extension will allow Limitless to complete a debt restructuring deal with creditor banks.
Limitless is looking to extend the tenor of the loan by four to five years and plans to pay no interest over that period. The statement was given by a banker.

Emaar Economic City in Riyadh, as subsidiary of Emaar Properties Dubai, announced that it has so far earned SAR 2 bn from the sale of the first phase of residential units.

http://archive.gulfnews.com/business/Real_Estate_Property/10300746.html

Nakheel has joined Thailand's Amburaya Hotels & Resorts to transform Thailand's idyllic Koh Samui Island with the launch of a stunning integrated resort development comprising 17 luxurious private residences and a 75-key all-villa hotel.

http://archive.gulfnews.com/business/Real_Estate_Property/10300825.html

Dubai-based developer Limitless said Thursday it is reviewing a $12 billion (Dh44.04 billion) residential and commercial project in India because authorities there have not yet bought the required land. Its announcement came a day after the developer cut 7 per cent of its workforce and delayed a key contract on its $61 billion Arabian Canal project due to the global economic downturn.

http://archive.gulfnews.com/business/Real_Estate_Property/10300811.html