Dana Gas hopes for settlement in $700m sukuk case

Dana Gas hopes for settlement in $700m sukuk case
Sukukholders’ demands did not reflect the company’s financial situation

Abu Dhabi – Mubasher: The UAE-based energy producer​ Dana Gas hoped to reach a settlement in the well-known $700-million-sukuk case, company CEO Patrick Allman-Ward told CNBC Arabiya on Wednesday.  

Sukukholders’ demands did not reflect the company’s financial situation at the end of the third quarter of 2017, Allman-Ward added.

The proposed restructuring of the disputed sukuk is compatible with the UAE’s law, the top official added.

Lately, the negotiations between Dana Gas and sukukholders reached an impasse, as the latter refuses some settlements suggested by the UAE-based company.