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FINANCIAL NEWS
Dana Gas plans to pay USD100m cash to sukuk holders
24 Nov 2012
(MENAFN) Sharjah-based Dana Gas PJSC said it will pay bondholders about USD100 million in cash as part of the USD920 million debt restructuring agreement, Khaleej Times reported.
The English daily newspaper cited a source familiar with the deal as saying that the cash would be paid to sukuk holders, once a lockup agreement between Dana Gas and its creditors is signed, likely later this month.
Dana Gas, which failed to pay the maturing USD920 million sukuk at the end of last month October, said on November 7 it had reached a restructuring agreement with its main noteholders including a partial cash payout.
Dana has recently won a contract from the governments of Sharjah and Ajman to develop a gas field off the two emirates’ coasts with production expected to start in the first half of 2014.
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