Dana Gas, the Sharjah-based natural gas company, on Thursday said it failed to pay the outstanding $920 million on an Islamic convertible bond that matured on Wednesday.
The UAE's largest listed natural gas firm, hit by payment delays from Egypt and Iraq's Kurdistan region, said it had also missed a $18.75 million accrued profit payment due on October 30.
"Dana Gas is in ongoing discussions with an ad-hoc committee of sukuk holders over terms to amend and extend the sukuk," it said in a statement.
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