Dubai's Limitless gets 85 pct creditor assent for debt extension -chairman

DUBAI Wed Jan 21, 2015 4:05am EST

DUBAI Jan 21 (Reuters) - Dubai real estate developer Limitless has secured the agreement of 85 percent of its creditors for a three-month extension to a debt repayment due at the end of 2014 and for its proposed restructuring plan, its chairman said on Wednesday.

However, Limitless is looking to obtain the support of 100 percent of creditors, Ali Rashid Lootah told a news conference.

Limitless asked for the extension after failing to agree a new debt deal before a payment on its $1.2 billion existing restructuring scheme fell due on Dec. 31. (Reporting by Matt Smith; Writing by David French; Editing by Andrew Torchia)

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