DUBAI, United Arab Emirates (AP) — An indebted Dubai real estate developer says it will repay more than half a billion dollars in money owed to banks and trade creditors as part of its financial restructuring.
The state-controlled company, Limitless, said Monday that more than 90 percent of the $564 million it will repay will go toward its bank debt, which represents 42 percent of the company's total debt of $1.2 billion. The company says it sold land in Saudi Arabia to help fund repayment.
Limitless says it is negotiating with banks to agree on new terms for the remaining debt payment, including an extension until December 2018. Limitless says that nearly all the banks have agreed to the revised terms.
The company was hard hit during the emirate's 2009 financial crisis, which saw property prices plunge.