Dana Gas creditors reject new proposal to restructure $700 mln sukuk | ZAWYA MENA Edition:
"Creditors of United Arab Emirates-based energy producer Dana Gas DANA.AD have rejected a new proposal by the company to restructure its $700 million of Islamic bonds and are waiting for improved terms, two sources familiar with the matter said on Tuesday. Dana refused to redeem its sukuk when they matured last year, on the grounds that the instruments were no longer sharia-compliant because of changes in Islamic finance practice. While legal proceedings between the company and its creditors are continuing in British and United Arab Emirates courts, talks to find an out-of-court settlement have so far produced no concrete result."
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