Dana Gas fails to repay debt on time — reaches standstill with creditors (By IFN)

Thursday 1st November 2012

UAE: Speculation on Dana Gas’ failure to repay US$920 million outstanding on its US$1 billion Sukuk has materialized. The company has reached a standstill which is effective for up to six months with its creditors, including BlackRock, Ashmore Group and Spinnaker Capital. In a press release to investors, the company announced that it was in discussions with the Sukukholders, and believes that a “consensual solution in the best interest of all stakeholders would be reached.”

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