UAE's Dana Gas asks sukuk investors to disclose holdings: sources - Reuters:
United Arab Emirates’ Dana Gas has asked owners of its bonds to provide information on their holdings, three sources said and a document reviewed by Reuters showed, a move that some investors fear may be a step towards another debt restructuring.
Dana Gas shook the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, or Islamic bonds, arguing they were no longer valid under UAE law because of changes in Islamic financial practice.
After a protracted legal battle, it reached an agreement with creditors in 2018. That restructuring followed an earlier one in 2012.
Dana, which now has nearly $380 million in outstanding sukuk due on Oct. 31, this week has asked investors to disclose their holdings, according to an information request seen by Reuters.
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