Google+ Followers

Monday, 31 July 2017

UPDATE 1-Dana Gas revokes offer to swap troubled $700 mln sukuk

UPDATE 1-Dana Gas revokes offer to swap troubled $700 mln sukuk:

"Dana Gas has cancelled its offer to exchange its outstanding $700 million sukuk, or Islamic bond, with new notes, and will pursue "litigation-driven outcomes" with regards to its restructuring, the Abu Dhabi-listed energy producer said on Monday. Dana last month offered to replace its current sukuk, which it deems no longer sharia-compliant and therefore unlawful and unenforceable under United Arab Emirates law, with new notes. The move sparked concerns in the Islamic finance industry regarding the impact it could have on sukuk as a debt instrument."



'via Blog this'