Dana Gas Co said it wanted to find a consensual deal to repay the remainder of a $1 billion Islamic bond maturing in October, and confirmed it had hired advisers to weigh up various options for the repayment.
The Abu-Dhabi-listed natural gas producer's share price has been battered by concerns over how it will find the cash to repay the outstanding $920 million of the sukuk, issued in 2007, on time and in full. Its stock has dropped 40 percent in the past year.
Dana said on Tuesday it had hired Deutsche Bank, Blackstone Group and law firm Latham & Watkins to advise on options for discussions with sukukholders and their advisers. The bondholders have hired law firm Linklaters, one source familiar with the matter said.
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