UAE's Dana Gas says has $434mln in cash after sukuk restructuring | ZAWYA MENA Edition:
United Arab Emirates producer Dana Gas said on Wednesday it had $434 million in cash as of end-September after completing the restructuring of its outstanding sukuk, or Islamic bonds, earlier this year.
Dana Gas reached a consensual restructuring agreement with its creditors in May after a protracted and complex legal dispute that began in 2017, when it halted payments on $700 million in sukuk saying the instruments had become unlawful in the UAE.
The company said in a statement on Wednesday that its cash position at the end of September stood at $434 million, down from $608 million at the end of 2017. It attributed the decrease to the completion of the restructuring, which involved a $235 million payment of principal, accrued profit, and other costs.
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