The board of Dana Gas, the UAE-based natural gas company, is meeting today to discuss the restructuring arrangement that it is working out with creditors in its recent sukuk (Islamic bond) default…

Natural gas producer Dana, headquartered in the emirate of Sharjah, said on November 7 it had reached an agreement in principle with creditors on restructuring the sukuk, and would pay holders a mix of cash and two new bonds. The new bonds would be a sukuk and a convertible sukuk.

Detailed terms of the restructuring and the proposed new sukuk are yet to be made public…

http://www.thenational.ae/thenationalconversation/industry-insights/energy/dana-gas-board-meets-to-discuss-sukuk-terms

 

 

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