Dana Gas close to a deal on $700m sukuk dispute, say sources - The National

Dana Gas close to a deal on $700m sukuk dispute, say sources - The National:

"Dana Gas has reached an agreement with key holders of $700m of its Islamic bonds to restructure the securities, two people with knowledge of the matter said, possibly ending a legal battle that has unnerved the Islamic finance industry. A committee representing sukukholders, which include BlackRock and Goldman Sachs Group agreed to accept an immediate cash payout of 20 cents to the dollar and to roll the rest into a three-year security, said the people, asking not to be identified because the information isn’t public. A spokesman for the Sharjah, United Arab Emirates-based energy company said it won’t comment on rumours or speculation."



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