Dubai's Limitless Seeks to Delay Debt Repayments for Third Time

Limitless LLC asked banks to delay debt repayments for a third time as an on-going slump in property prices weighs on the Dubai-based developer, people with knowledge of the plan said, Bloomberg News reported. The company is seeking to reschedule about $600 million-worth of loans and is also asking banks for a new loan of 475 million dirhams ($129 million) to help complete existing projects, said the people, asking not to be identified because the information is private. The developer hasn’t proposed a formal restructuring plan to banks yet, they said. A Limitless spokeswoman declined to comment. Limitless was one of several Dubai-owned companies that were forced to reschedule debt payments after asset prices slumped and credit markets froze during the global financial crisis. Read more