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UAE's Dana Gas investors submit USD700mn restructuring plan
(MENAFN) Holders of almost USD700mn of Islamic bond issued by Abu Dhabi-listed Dana Gas have issued a restructuring plan to the firm's management.
Meanwhile, the sukuk are due to mature in the current year but the firm refused to redeem them on the grounds that changes to Islamic fiscal practice.
Furthermore, the firm and sukuk holders have gone to courts in UK and the UAE to fight case, which is being closely watched by the global Islamic finance industry.
In addition, the committee's offer involves a cash pay down to sukuk holders of USD300mn, split equally between the two tranches of the bonds.
Meanwhile, the sukuk are due to mature in the current year but the firm refused to redeem them on the grounds that changes to Islamic fiscal practice.
Furthermore, the firm and sukuk holders have gone to courts in UK and the UAE to fight case, which is being closely watched by the global Islamic finance industry.
In addition, the committee's offer involves a cash pay down to sukuk holders of USD300mn, split equally between the two tranches of the bonds.
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