Abu Dhabi – Mubasher: Dana Gas on Thursday announced that it rejected the settlement proposal submitted by sukuk holders on Wednesday, according to Aaron Reedy, the financial advisor.

The proposal required the company to pay $300 million to sukuk holders in cash disbursement, and extend the sukuk maturity for 3 years, while maintaining the current dividend rates.

The company deemed the proposal unrealistic, as it did not take the financial and legal position of the company into consideration, Reedy said during an interview with Al Arabiya.

The company would take all the legal procedures regarding the issue, Reedy added, noting that the company is certain that it has the upper hand in the case.