Sharjah’s Dana Gas will not repay its $920 million convertible Sukuk on time as it is hit by payment delays from Egypt and Iraq’s Kurdistan region.
The Sukuk matured today (31 October), however Dana Gas has won more time to come to an arrangement with the Sukuk holders, reported Reuters, citing three sources. This standstill agreement is said to be effective for six months.
No Sukuk has been restructured or unpaid on maturity in the UAE to date.
Dana Gas has reportedly declined to comment.
