People close to Dana Gas, the Sharjah-based natural gas company, say creditors including funds Blackrock and Ashmore have agreed to a standstill that would allow talks over extending the maturity of its $920m sukuk to continue through the deadline of midnight on Wednesday.
But people aware of the creditors’ position “categorically deny” that a standstill agreement has been reached with Dana Gas, whose revenues have been interrupted in troubled operating environments including Egypt and Iraqi Kurdistan.
Under a standstill agreement, creditors generally agree not to seek to enforce their rights in the event of non-payment by a debtor.
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