Dubai crisis aftershocks are felt in developer’s third restructuring ...Qatar

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Dubai crisis aftershocks are felt in developer’s third restructuring
Dubai property developer Limitless, one of the biggest casualties of the emirate’s financial crisis in 2009, may end up taking close to two decades to complete its debt restructuring under the timeline of its new plan. Limitless gave secured lenders – both banks and trade creditors – two options, according to a recent presentation to creditors that shows the company owes around 2.8bn dirhams ($762mn). People familiar with the matter confirmed the details of the proposal, asking not to be identified because the information is private. Creditors either receive an upfront 50% payment on the money they’re owed to settle or agree to a seven-year restructuring of 2bn dirhams worth of debt facilit

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