Co. asks certificate holders to confirm whether they wish for the trust to be dissolved, according to statement carried by the regulatory news service. That notice, says Exotix’s Gus Chehayeb, officially confirms that a technical default has occurred on Dana’s $920m Islamic bond, and that there was no official standstill agreement in place.
The default could also be a first for UAE public bonds. This one has been rumbling for a while. Sources previously told FT beyondbrics that creditors including Blackrock and Ashmore had agreed to a standstill agreement that would allow talks over extending the maturity of its $920m sukuk to continue. The bond matured on October 31………………………………………..Full Article: Source