Reuters reports that Limitless' US$1.2 billion "Islamic Loan" due next month is likely to be rolled over. It's noted that lenders have been rolling over significant amounts of Dubai World and Nakheel debt - billions it seems.
The major additional bits of news from this article:
- Limitless' lenders want to negotiate the repayment of their loan separate from the DW rescheduling.
- They are currently valuing Limitless' holdings.
- The loan is from 2008. It was led Emirates Bank (now part of Emirates NBD), Emirates Islamic Bank, Arab National Bank, and National Bank of Abu Dhabi. The syndicate also includes Royal Bank of Scotland, Hypo Real Estate (Germany) well as banks in Malaysia, Pakistan and Taiwan.
- I see the lenders have decided they'll try an amortizing loan this time. A very wise move. In fact an extremely wise move. One that helps limit one's exposure and keep it from becoming limitless.
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