Dubai's Limitless asks for more time after missing debt deal deadline - sources

DUBAI/ABU DHABI Thu Jan 8, 2015 10:23am EST

DUBAI/ABU DHABI Jan 8 (Reuters) - Limitless, a Dubai government-related real estate developer, has asked for a three-month extension to talks with creditors after failing to secure a new restructuring deal on its $1.2 billion debt pile, four banking sources told Reuters on Thursday.

The company, which has already restructured the debt once before after falling victim to the emirate's property crash at the end of the last decade, has been in talks with creditors for nearly a year on a new deal.

It had hoped to secure new terms before a $400 million payment came due on Dec. 31 but no deal was reached. Some banks have agreed to extend the negotiations and other banks are considering the request, two of the sources said, speaking on condition of anonymity as the information is not public.

This will allow for talks between Limitless and a six-member creditor committee to continue, with a proposal being considered which would see future cash flows used to guarantee repayments under a new deal.

Private discussions with creditors continue, a spokeswoman for Limitless said, declining to elaborate. (Reporting by David French and Tom Arnold in Dubai and Stanley Carvalho in Abu Dhabi; editing by Susan Thomas)

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