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Wednesday, 3 May 2017

Dana Gas to Start Restructuring Talks on Bond Due in October - Bloomberg

Dana Gas to Start Restructuring Talks on Bond Due in October - Bloomberg:

"Dana Gas PJSC will ask bondholders to accept changed terms on $700 million of debt coming due in October as the energy producer based in the United Arab Emirates seeks to restructure debt for the second time in five years. Talks with investors will start May 8 and holders of the Islamic bonds, or sukuk, should form a committee to represent them, Sharjah, U.A.E.-based Dana Gas said Wednesday in a statement to the Abu Dhabi stock exchange. The company, which pumps natural gas at fields in Egypt and Iraq, needs to “focus on short to medium term cash preservation.” Oil and gas producers are cutting costs and facing pressure on profits after crude fell from an average of almost $100 a barrel in 2014 amid a global supply glut. With oil averaging about $50 a barrel over the past two years, national budgets of producing countries are also getting squeezed. "



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