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UAE's Dana Gas will try again to hold call on sukuk restructuring
July 3, 2017 / 5:58 AM / 3 months ago

UAE's Dana Gas will try again to hold call on sukuk restructuring

DUBAI, July 3 (Reuters) - Abu Dhabi-listed Dana Gas has rescheduled a telephone call with holders of its outstanding $700 million of sukuk to this Thursday at 4 p.m. United Arab Emirates time (1200 GMT), the company said on Monday.

The call would outline the broad terms of the company’s proposal to restructure its Islamic bonds. Dana is claiming it must exchange the instruments for new ones at lower profit rates because they are no longer lawful following changes in Islamic finance.

The company had originally scheduled the call for June 21, but on that day it decided to postpone the call because, it said, a media article had “mischaracterised” the event. Previously, it said, it made several approaches to an ad hoc committee of creditors to arrange a call but each invitation was declined. (Reporting by Davide Barbuscia; Editing by Andrew Torchia)

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