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Dana creditors plan to go after Egyptian assets
- United Arab Emirates: Saturday, November 03 - 2012 at 02:54
The failure by Dana Gas to repay a $920m Islamic bond on maturity has prompted holders of the bond to say they will stake claim to the natural gas producer's extensive Egyptian assets, Reuters has reported. Sharjah-based Dana said it was in talks with bondholders to amend and extend the terms of the bond after it became the first firm from the UAE not to repay a bond on maturity. However, a source close to the creditors said Dana sukuk holders are determined to go after the assets used to back the issue. "Bondholders will now pursue an enforcement of Egyptian assets and pursue their unlimited recourse $ 1 billion claim against Dana Gas," the source said. The Abu Dhabi bourse has suspended Dana shares, pending clarification on the Islamic bond.
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