Dana Gas Seller Turns Buyer on $2 Billion Iraq Kurd Region Award - Bloomberg Business:
"Ghassan Chehayeb, who correctly bet that United Arab Emirates-based energy explorer Dana Gas PJSC would miss debt payments in 2012, says he’s now a buyer.
Chehayeb, who helps manage about $30 million of assets at Houston-based SanctaCapital Group, correctly predicted Dana Gas would miss payments on its Islamic bonds in 2012. Now, he says the $2 billion award that Dana Gas and partners won in November from Iraq’s semi-autonomous Kurdish region, along with a settlement of a commercial case the same month, will “materially change the balance sheet.”
“Dana Gas has had a liquidity dilemma for a very long time and we think that’s about to change,” Chehayeb said in a phone interview on Tuesday from Dubai, where SanctaCapital has a research office. “We believe that they received a substantial amount of money” from a settlement with RWE AG and from the Kurdish region. He declined to say how much SanctaCapital has invested in Dana Gas bonds and stock, other than that they are “core” holdings."
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