DUBAI, Oct 11 (Reuters) - Limitless, the indebted propertyarm of Dubai World , has reached an agreement withcreditors to restructure a $1.2 billion Islamic loan, thecompany said on Thursday.
Limitless will also shortly commence a procees to transferownership of itself to the Dubai government from conglomerateDubai World, it said in a statement.
Limitless has honoured all profit payments on the loan sinceit was signed in 2008, and will continue to make the paymentsunder the new agreement, the company said.
The state-owned firm, which was hit hard by the globalfinancial crisis, has rolled over the Islamic debt facility,owed to a syndicate of banks, several times. The loan wasoriginally due to mature in March 2010.
No further details on the agreement were provided in thestatement.
Limitless' projects include a mixed-use facility at Dubai'sDowntown Jebel Ali and developments in Saudi Arabia, Moscow andVietnam.
(Reporting by Praveen Menon; Writing by Dinesh Nair; Editing byAndrew Torchia)
Keywords: EMIRATES LIMITLESS/LOAN