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UAE’s Limitless to repay AED 2.07bn starting 28 May

UAE’s Limitless to repay AED 2.07bn starting 28 May
A project by Limitless (Photo Credit: Company website )

Dubai-Mubasher: Limitless confirmed on Wednesday that its early payment of AED 2.07 billion to banks and trade creditors will commence on 28 May, 2016, according to an issued statement.

This announcement followed the news which said that the company has concluded its restructuring agreement with lenders, and is set to clear a significant amount of its debt with an immediate payment to cover the first instalment seven months ahead of time, and 80% of the second instalment 18 months early, the statement said.

“Limitless has instructed its agent bank to release AED 1.9 billion to banks and AED 163 million to trade creditors,” the company said, noting that “The restructuring agreement requires Limitless to pay its outstanding AED 4.45 billion in bank debt in three instalments in December 2016, 2017 and 2018.”

However, the company will pay AED 2.07 billion which represents 43% of the company’s outstanding bank debt and 28% of the money owed to trade creditors.