(MENAFN) Sharjah-based Dana Gas said it failed to meet the outstanding USD920 million on an Islamic convertible bond due on October 31, hit by payment delays from Egypt and Iraq's Kurdistan region, reported Arabian Business.
UAE's largest listed natural gas firm added it had also missed a USD18.75 million accrued profit payment due on October 30.
In 2008, Dana has repurchased about USD80 million of a total USD1 billion sukuk due on October 31 2012, leaving USD920 million outstanding.
Dana attributed its liquidity difficulties largely to delayed payments from Egypt and Kurdistan. Adding that this is a "short-term" issue, and it is committed to reaching a solution with the creditors.
Dana Gas has reported a 27 percent decline in third quarter net earnings to USD28.31 million from USD38.9 million a year earlier.
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