A debt restructuring of Dubai based developer moved closer after Silver Point Capital sold its share in the company’s debt. The US hedge fund Silver Point, one of a minority creditors holding up a deal sold half of its roughly USD80 million loan to Mashreq Bank and Massar Investments, an investment firm controlled by Mashreq’s owners. A restructuring deal can only be agreed once all Limitless creditors have given their assent. In June 2015, the company said it had won the approval of almost 90% of banks to a repayment plan involving AED1.9 billion of bank debt. In return, Limitless is asking its 18 creditor banks to agree to extend the term of its debt by two years to December 2018. The creditor committee is made up of Arab National Bank, Dubai Islamic Bank, Emirates NBD, Mashreq and National Bank of Abu Dhabi. (Reuters)