IslamicFinance.de

Limitless LLC, the Dubai-based developer, has reportedly asked creditors to defer the first installment on its $1.2 billion restructured debt until the end of 2015. The company has offered banks 200 million dirhams ($54 million) toward the $400 million amortization due in December. Limitless, which was put under the management of state-controlled developer Nakheel PJSC in 2010, has requested postponement of payment for a year. The company is revising business plans and will approach lenders about the debt maturing in 2014, its chairman Ali Rashid Lootah said. Options include sale of land in Jebel Ali, he added. Seemingly, the company reached an arrangement that would give lenders a profit rate equivalent to interest of 175 basis points over the London interbank offered rate and may extend payment by five years.