UAE’s Dana Gas to hold talks to restructure sukuk due Oct. 31, 2017

By Susanna Moon

Chicago, May 8 – Dana Gas PJSC said it was set to begin holding restructuring talks with holders of its sukuk due Oct. 31, 2017 on Monday.

The restructuring plans are “due to continued challenges it faces around cash collections and resulting need to focus on short to medium term cash preservation,” according to a company notice.

“The company will be addressing the way forward on the sukuk ... in a practical manner that balances the interests of all stakeholders. The remaining profit payments will be addressed sensibly as part of the solution.”

As a result, Dana Gas said it is asking the sukuk holders to form a group to represent them.

Dana Gas is a natural gas company based in the United Arab Emirates.

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