Dana Gas sukuk restructuring vote postponed
Abu Dhabi, March 14, 2013
Dana Gas, the Abu Dhabi-listed energy firm, said a shareholder meeting to vote on the restructuring of the $920 million sukuk did not met the required quorum.
A new meeting has been scheduled for March 21, the company said in a filing to the Abu Dhabi stock exchange on Thursday.
Dana became the first company in UAE to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock, a week later.
Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which pay an average coupon of 8 per cent.-Reuters
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