Abu Dhabi - Mubasher: A group of Dana Gas sukuk holders has appointed Moelis & Company investment bank and US legal firm Weil, Gotshal & Manges as a committee to negotiate debt restructuring, according to Reuters.

Dana Gas had announced that it intends to start the negotiations after facing liquidity problems which resulted from the delay in receivables set to be paid by Egypt and Kurdistan.

The company had previously reported an 81.8% increase in net profits to AED 40 million ($10.9 million) in the first quarter of 2017.

Operating costs had declined 22.9% to AED 37 million in Q1-17, compared to AED 48 million in Q1-16.