Dana Gas Co. DANA

0.76 0.02 2.70 %

Dana Gas to carry out discussions with Sukukholders this week

(6/19/2017 1:44:00 PM)

Dana Gas calls a meeting of the Holders of its Mudarabah Sukuk to discuss legality and restructuring issues.

Dana Gas, in an announcement on the Abu Dhabi Securities Exchange has invited Holders of its Mudarabah Sukuk to a call on Wednesday, 21 June 2017 at 4 pm UAE time (2 pm EST, 1 pm UTC, 8 am Atlantic Time).

The purpose of the call is to communicate directly with the Company’s broad Sukukholder group, and provide proper context and additional information regarding the planned restructuring, including background on declaration of the current Sukuk’s unlawfulness, proposed solution for the way forward, and the steps that the Company has in the meantime had to take to protect its position in the interests of all of its stakeholders.

This invitation follows several approaches that Dana Gas has made to the recently formed Ad-Hoc Committee requesting a meeting or a call, all of which have been declined. The company continues to seek a fair and consensual restructuring, and is keen to engage openly with all holders of its Mudarabah Sukuk.

CPI Financials