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Dana Gas negotiating standstill deal with bondholders
- United Arab Emirates: Wednesday, November 07 - 2012 at 04:03
UAE-based Dana Gas has said negotiating a standstill agreement with bondholders after the fuel producer failed to pay almost $1bn in Islamic debt on maturity last week, Bloomberg has reported. Under a standstill accord, creditors agree not to make an effort to collect debt payments or claim assets backing a security. "It is unclear whether discussions have fallen apart and if sukuk holders are going after Dana's assets," Gus Chehayeb, the Dubai-based research director for the Middle East and North Africa at Exotix Ltd, said. "It takes a 25% vote to dissolve the sukuk and order immediate payment from Dana. If an immediate payment is not made it's a race for the Egyptian and UAE assets."
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