Browse
related articles
Dana Gas will not repay Islamic bond today
- United Arab Emirates: Wednesday, October 31 - 2012 at 02:28
The UAE's largest listed natural gas firm, Dana Gas, will not repay a $920m convertible sukuk when it matures today, and has reached a standstill agreement with bondholders, Reuters has reported, citing three sources familiar with the matter. There is "absolutely no chance" of a white knight swooping in to repay the bond by the due date, a source close to the talks said. Dana, in which Crescent Petroleum owns a 20% stake, reached a standstill with creditors in early October that is effective for up to six months, the sources said. Hit by payment delays from Egypt and Iraq's Kurdistan region, Sharjah-based Dana had a $1bn sukuk maturing on October 31.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
