Tuesday 05, June 2018 by Kudakwashe

Dana Gas receives consent from creditors for Sukuk restructuring

 

The majority of Dana Gas’ Sukuk holders have consented to the proposed restructuring of its outstanding $700 million Sukuk. 

The company, which last year refused to repay creditors because it claimed its Sukuk were no longer Shari'ah-compliant, reached a restructuring agreement last month after a protracted and complex legal battle.

Following the launch of a tender and exchange offer on 22 May, it had received the approval of 93.69 per cent of the holders for the terms of the proposed restructuring, exceeding the minimum required 75 per cent approval threshold, reported Reuters.

  

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