Dana Gas has reached a deal with creditors to restructure its US$1 billion (Dh3.67bn) sukuk, extending the bulk of the debt for another five years.
The resolution ends a period of uncertainty that has been ongoing since the Sharjah fuel producer missed its October 31 deadline to repay the Islamic bond.
Under terms announced yesterday, Dana will reduce the debt to $850 million by paying down $70m of it and cancelling the $80m share it already owns.
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