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Wednesday, 17 May 2017

UAE's Dana Gas creditors appoint Moelis and Weil for sukuk restructuring –sources | Reuters

UAE's Dana Gas creditors appoint Moelis and Weil for sukuk restructuring –sources | Reuters:

"A committee of the holders of some $700 million in Islamic bonds issued by Dana Gas has appointed New York-based boutique investment bank Moelis and U.S. legal firm Weil, Gotshal & Manges to negotiate restructuring of the notes, sources familiar with the matter said on Wednesday. With a cash balance of around $300 million at end-March and the sukuk due to mature in October this year, the Abu Dhabi-listed energy producer said earlier this month that it intended to hold discussions with its creditors. Dana and Moelis declined to comment on Wednesday. Dana has not yet appointed an adviser for the restructuring, said a source close to the company."



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