Limitless Seeks to Negotiate Multi-Year Contractor Payments

The National reports that Limitless is approaching contractors reportedly seeking four year payment terms.

As well it seems Limitless is scaling back or perhaps canceling other projects.

What's also interesting is the comment that despite earlier talk about Nakheel settling with contractors no payments have been made.

When you don't have cash, you can't pay.  And then it makes eminent sense to scale back or halt current or new projects.

On the topic of Nakheel, I posted last December on how contrary to what one might expect it was actually a source of cash to the DW Group rather than a cash drain as it apparently upstreamed loans within the Group.  If the funds used to pay its recently matured Sukuk are treated as replacement debt rather than a return of funds owed it by the Group, then its financial position will not have really improved.  It will just be a case of rotation of creditors.