Dana CEO asks sukuk bond holders to enter talks over debt refinancing

By Staff reporter 7 July 2017

Dana Gas Chief Executive Patrick Allman-Ward has asked the holders of $700 million in sukuk bonds to enter talks with the company over the refinancing of its debt.

"This is obviously not a traditional restructuring," Allman-Ward said in a company call with sukuk-holders on Thursday.

The company declared the bonds "not sharia compliant and […] therefore unlawful under UAE law" in June. It secured injunctions to prevent the sukuk-holders from taking action.

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