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Aftershocks from the Dubai crisis were felt during the developer’s third restructuring

(Bloomberg) – Dubai real estate developer Limitless, one of the biggest victims of the emirate’s financial crisis in 2009, could take nearly two decades to complete its debt restructuring under its new plan. both banks and commercial creditors – two options, according to a recent presentation to creditors which shows the company owes around 2.8 billion dirhams ($ 762 million). People familiar with the matter have confirmed the details of the proposal, asking not to be identified because the information is private. Creditors receive a 50% upfront payment on the money they owe or agree to a restructuring of seven years of 2 Last year, Limitless told creditors it was hiring advisers for its third restructuring as the company defaulted on some earlier deals it had made with its banks in recent years. A spokeswoman for Limitless said that “Discussions with our lenders are ongoing, but as the talks are private and confidential, we are not free to share the details. step onto the global real estate and finance scene. Before the real estate crash and ensuing crisis began, the Dubai developer was behind several megaprojects, including an artificial canal that allegedly crossed the desert but was never completed. repay its debts and had to restructure on several occasions, like other state entities such as Dubai World, then owner, and the subsidiaries of the government conglomerate, including the real estate company Nakheel. The United Arab Emirates, stepped in to provide $ 20 billion in support to Dubai, whose near failure rocked global markets. Despite an increase in visitors after a gradual reopening, the outbreak has damaged sectors vital to the city’s economy, such as tourism and construction. Economic headwinds have hurt Limitless’s prospects, also recalling that the emirate has not yet completely turned. the page on its financial crisis over a decade ago. The company said in the proposal that “the challenges it faces” “have been exacerbated by market-related events over the past year,” resulting in a reduction of around 31% key asset values ​​since the end. of the Year 2019. ”For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP


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