Dana Gas, a Sharjah-based energy company with operations in the United Arab Emirates, Iraq and Egypt, said it failed to pay back a $920 million Islamic bond, or sukuk, that came due on Wednesday.
The company said it is in ongoing discussions with holders of the debt to amend the terms of the sukuk and extend its maturity, according to a statement posted on the Abu Dhabi bourse website on Thursday. The sukuk has been a major source of concern for Dana as it grapples with a large backlog of late payments from governments in Egypt and Iraq’s Kurdistan region………………………………………..Full Article: Source