05.11.2012 - Dana Gas defaults on $1 bln loan
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
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