Dana Gas PJSC, which missed payments on nearly $1 billion of Islamic bonds last week, reached a restructuring deal with sukukholders including BlackRock Inc. (BLK), averting a potential seizure of its Egyptian energy assets.
The United Arab Emirates-based fuel producer has an in- principle agreement with creditors and will convert the Islamic bonds into an ordinary and a convertible sukuk with “revised economic terms,” the Sharjah-based company said today in a statement to the Abu Dhabi stock market. Holders of the Islamic bond or sukuk will also receive a partial cash payment………………………………………..Full Article: Source