Speculation rises over Dubai developer Limitless land sale

Dubai

FOR all the progress made in tackling Dubai's debt, some issues refuse to go away.

Creditors to Limitless LLC are trying to arrange a meeting amid speculation that the Dubai-based developer sold land in Saudi Arabia, five people familiar with the matter said. Limitless is trying to restructure a US$1.2 billion Islamic loan for the second time, and creditors said that proceeds from any sale should go towards settling the debt under the existing restructuring deal, according to three of the sources, who asked not to be identified because the matter is not public.