Patience pays off for Dana Gas - The National:
"When Dana Gas was forced to renegotiate its US$1 billion sukuk last October, investors were left scratching their heads.
What had been a promising investment into bonds or shares of a company carving out a niche in the region's gas sector seemed to have turned sour on the back of the difficulties that came with extracting payment for its output.
But the Sharjah-based company kept its nerve, refusing to sell assets to pay down the sukuk's principal, and managed to refinance its debts with two new bonds. It also worked patiently to collect payments owed by the Egyptian and the Iraqi governments. In Egypt, the Arab Spring had thrown the energy sector into disarray, and oil and gas companies were left unpaid for a period after Hosni Mubarak's fall from power."
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