UAE's Dana Gas sukuk drop after settlement talks fail to yield settlement | ZAWYA MENA Edition:
"Prices of about $700 million of sukuk issued by United Arab Emirates energy producer Dana Gas fell by around three points on Thursday after talks between some local creditors and the company failed to lead to a settlement of their dispute. Last year the company refused to repay its Islamic bonds when they matured, claiming they were no longer sharia-compliant and therefore not valid under UAE law. It sought declarations in British and UAE courts on the validity of the sukuk. Legal proceedings are continuing but sources told Reuters this week that several weeks of discussions between the firm and some of its local creditors, aimed at finding an out-of-court settlement, did not lead to a solution. "
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