UAE's Dana Gas close to sukuk restructuring agreement with creditors - sources | Reuters:
"United Arab Emirates energy producer Dana Gas is close to reaching agreement on restructuring $700 million in Islamic bonds, potentially ending a complex and protracted legal battle with its creditors, sources familiar with the matter said.
Dana Gas last year halted payments on its sukuk, saying the bonds had become unlawful because of changes in Islamic finance. Holders of the sukuk contest its position and are demanding to be paid back.
While legal proceedings are continuing in British and United Arab Emirates courts, talks to find an out-of-court settlement have so far failed to find a resolution."
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