Wednesday, December 13, 2017

Dana Gas Outlines Broad Terms For Sukuk Discussions

Posted by June 19, 2017

Dana Gas PJSC , the Middle East’s largest regional independent natural gas company, has invited Holders of its Mudarabah Sukuk to a call on Wednesday June 21, at 4 pm UAE time (2 pm EST, 1 pm UTC, 8 am Atlantic Time).
The purpose of the call is to communicate directly with the company’s broad Sukukholder group, and provide proper context and additional information regarding the planned restructuring, including background on declaration of the current Sukuk’s unlawfulness, proposed solution for the way forward, and the steps that the company has in the meantime had to take to protect its position in the interests of all of its stakeholders.  This invitation follows several approaches that Dana Gas has made to the recently-formed Ad-Hoc Committee requesting a meeting or a call, all of which have regrettably been declined.

The company continues to seek a fair and consensual restructuring, and is keen to engage openly with all holders of its Mudarabah Sukuk.

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