Debt-laden developer Paliburg Holdings has withdrawn the tender for the sale of its headquarters in Causeway Bay after securing a financial arrangement with creditors. The tender for Paliburg Plaza was scheduled to close for bidding yesterday. Analysts said Paliburg's settlement with banks for a new financial arrangement might be an indication the company's financial position had improved. Six months ago, the company said its debts amounted to $5 billion. Last month, the company said it was negotiating with creditors to extend a standstill arrangement that expired on September 30. Paliburg yesterday declined to say whether it had renewed the standstill agreement. Century City International Holdings, which holds a 74 per cent stake in Paliburg, won creditors' approval last month to extend the informal standstill agreement to the end of next month. A standstill agreement allows debtors to defer paying interest installments. Paliburg Plaza includes a shopping arcade and office floors totalling more than 200,000 square feet with more than 100 car-parking spaces. Most of the office space is leased while the top floors are occupied by Paliburg and its affiliates, including Century City and its subsidiary Regal Hotels International Holdings. The three companies had planned to lease back the floors if the property was sold.