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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