Dana Gas has been in discussions with holders of its $920 million Islamic bond maturing Oct. 31 on a restructuring of the sukuk, the company said in a brief statement on Wednesday.
"Dana Gas confirms...it has been engaged in discussions with the Ad-Hoc Committee of Sukuk Certificate holders to reach a consensual solution to the restructuring of the sukuk, which it believes to be in the best interests of all stakeholders," it said without elaborating on how the talks had proceeded.
Reuters reported on Tuesday, citing sources familiar with the matter, that Dana Gas was set to become the first United Arab Emirates company to fail to repay an Islamic bond on maturity.
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