Dana Gas on Thursday confirmed it had missed a $920m Islamic bond repayment and creditors said they would begin to claim against assets of the United Arab Emirates-based company.
However, the situation was a confusing one as Dana, listed in Abu Dhabi, said talks were continuing amid a standstill agreement, under which creditors have agreed not to enforce their rights in the event of non-payment.
“Dana Gas remains committed to finding a consensual solution that is fair and equitable to all stakeholders and will make further announcements in line with the progress of discussions,” the company said in a statement.
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