UAE's Dana Gas agrees with creditors on $700 mln sukuk restructuring | Reuters:
"Energy producer Dana Gas reached agreement with creditors on restructuring $700 million of sukuk, the firm said on Sunday, potentially ending a protracted legal battle that unsettled the global Islamic finance industry. The United Arab Emirates firm said in June it would not redeem the Islamic bonds, arguing that changes in Islamic financial practice since they were issued made them invalid under UAE law. This led to months of negotiations and a fight in UAE and British courts. Under the deal with the sukuk holders’ committee, investors who want to exit the instruments will be able to do so at 90.5 cents on the dollar, which includes a bonus of 2.5 cents if they accept within seven days of the start of the tender offer."
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