Sharjah-based Dana Gas, which failed to repay a $920 million Islamic bond, or sukuk, on maturity last week, said it is unaware of any action from bondholders against the company.
A source close to holders of the bond said creditors will stake claim to the natural gas producer's extensive Egyptian assets, after Dana became the first firm from the United Arab Emirates not to repay a bond on maturity.
"With reference to recent media reports that Dana Gas' sukukholders will pursue enforcement action against the company, Dana Gas confirms that it has no knowledge of such action and that discussions with the adhoc committee of sukukholders continue to progress constructively," Dana said in a statement.
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