Dana Gas, a natural gas producer based in the United Arab Emirates, formally ackowledged on Monday that it had failed to redeem a $920 million Islamic bond and asked holders of the sukuk to decide on their course of action.
Privately-owned Dana, headquartered in the emirate of Sharjah, did not repay the five-year sukuk on maturity last Wednesday, becoming the first UAE company to miss a bond redemption………………………………………..Full Article: Source