Talks between Dana Gas and bondholders break down - The National

Talks between Dana Gas and bondholders break down - The National:

"Talks to resolve a dispute between Dana Gas and holders of US$700 million of Islamic securities broke down after the company proposed a 15 per cent haircut on some of the debt, according to two people familiar with the matter. The Sharjah-based energy company suggested buying back about $200m at 85 cents to the dollar, and rolling over the rest into new securities with a profit rate of 4 per cent, the people said, declining to the identified. Bondholders, which include Goldman Sachs and BlackRock, want the buyback to be at par and the profit rate to be higher, the people said. Dana Gas declined to comment."



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