Dana Gas in deadlock over sukuk negotiation
After its default, Dana Gas has asked creditors for a decision on the liquidation of its US$920 million sukuk (Dh3.37 billion). Locked in last-minute negotiations with a committee of sukuk-holders, Dana discusses a standstill agreement over repaying the bond. The company has made a request to its creditors to declare whether they will seek to dissolve the bond. Such a measure would enable attempts to seize the company's assets, including concessions in Egypt and Sharjah.