Dana Gas PJSC (DANA) dropped to the lowest level in three months after investors were said to have hired law firm Linklaters LLP to help negotiate the restructuring of $1 billion in Islamic bonds due this year.
The shares of the Sharjah, United Arab Emirates-based company fell 2.3 percent to 42 fils, the lowest since Feb. 12, at the 2 p.m. in Abu Dhabi. The benchmark ADX General Index (ADSMI) retreated 0.2 percent.
The London-based law firm was hired last month, said three people familiar with the matter yesterday, declining to be identified because the information is private. The company hired Blackstone Group LP (BX) to advise on restructuring the Islamic bonds, three people familiar with the matter said in April. Deutsche Bank AG is also advising the gas explorer, two people with knowledge of the matter said in January. Dana Gas said that month it would continue to meet its debt obligations. The company and Linklaters declined to comment yesterday.
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