The board of Dana Gas is meeting on Sunday morning to discuss progress in restructuring the company's $920 million Islamic bond which matured last month, the company said in a stock exchange statement.
Natural gas producer Dana, headquartered in the emirate of Sharjah, said on Nov. 7 it had reached an agreement in principle with creditors on restructuring the sukuk, and would pay holders a mix of cash and two new bonds. The new bonds would be a sukuk and a convertible sukuk.
Detailed terms of the restructuring and the proposed new sukuk are yet to be made public.
No comments:
Post a Comment