Dana Gas, a natural gas extraction and production corporation based in the emirate of Sharjah in the UAE, failed to repay a $1 billion Islamic Shari’a-compliant Sukuk bond when the bond’s maturity date came and passed on 31 October. $920 million was due after Dana Gas repurchased $80 million of the bond issue in 2008.
Additionally, the gas producer failed to pay $18.75 million of accrued profit from the Sukuk-holders ownership stake due on 30 October………………………………………..Full Article: Source