Abu Dhabi – Mubasher: Dana Gas met with representatives of the ad hoc committee of sukukholders on 27 July to notify them that it cancelled its offer to exchange the sukuk with new notes.
The company is pursuing litigation-driven outcomes with regards to the restructuring of its outstanding sukuk, according to a bourse statement.
Dana outlined on 13 June a commercial offer related to its current unlawful and unenforceable sukuk.
The energy producer tried to reach a consensual agreement with sukukholders and to engage directly with the committee to pursue such offer, but these attempts were rejected.
On the other hand, the committee sought to prevent the company from pursuing any exchange offer through its actions during UK court proceedings.
