08.11.2012 - Dana Gas restructures $1 bln bond to avert asset seizure
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
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