Dana Gas

Dana Gas receives partial payment of $50m from #Egypt

Dana Gas has received an initial payment of $50 million (Dh184 million) from the Egyptian government as partial payment of its outstanding receivables. This payment represents 18% of Dana Gas Egypt’s total overdue receivables of $283 billion (Dh1.038 billion) as of the end of first quarter 2017. Dana Gas, which pumps most of its gas at fields in Egypt and Iraq, is seeking to recover payments from both countries for overdue bills. The company was owed $1 billion from Egypt and the self-governed Kurdish region in northern Iraq. CEO Patrick Allman-Ward had previously said that the company will not make any new investments in Egypt due to delay in receiving payments. In the first quarter 2017, Dana Gas reported gross revenues of $118 million and net profit of $11 million. Overall group production was 69,900 barrels of oil equivalent per day, 16% higher compared to first quarter of 2016.

#UAE’s Dana Gas begins refinancing talks on $700 mln #sukuk

United Arab Emirates' energy producer Dana Gas has started refinancing discussions with the holders of its $700 million sukuk maturing in October 2017. The company has faced a cash shortage in the last period and is now planning to restructure its dollar sukuk which was issued in May 2013. Dana Gas CEO Patrick Allman-Ward refused to comment. The energy producer in April repaid an outstanding $60 million loan for its Zora gas field project in the UAE to avoid a breach on the facility. Dana is owed receivables of about $1 billion from Egypt and the Kurdistan Regional Government. Its cash balance as of the end of March was $298 million, slightly below $302 million as of the end of last year. To focus on cash preservation, the company reduced its operational and capital spending in the first quarter.

Dana Gas reports progress in operations, sukuk restructuring

Dana Gas said it has collected a total of Dhs271m ($73.7m) in receivables so far this year. Payment delays were behind Dana Gas's default on a $1bn convertible sukuk last year on Oct. 31, the sukuk's maturity date. Dana Gas added it was on track to complete the Sukuk refinancing process in the second quarter of 2013. The sukuk-holder meeting and final shareholder meeting to approve the refinancing transaction will be held on April 23 2013.

Dana Gas restructures sukuk

Dana Gas will pay $70 million in cash to bondholders and offers aditionally 8% coupon on remaining debt in order to buy time to restructure its sukuk. The company is facing difficult times as it missed a bond redemption on its sukuk that has matured on October 31. In order to fix this problem, Dana has made an agreement with adhoc committee of creditors, and thus earned time to restructure its finances.

Dana Gas Completes Restructuring Sukuk Owned by BlackRock

Dana Gas PJSC completed restructuring its $920 million of Islamic bonds after reaching an agreement to pay twice the average yield on emerging markets corporate sukuk. Bondholders, some of which are BlackRock Inc (BLK) and Ashmore Group Plc (ASHM), will be paid $70 million in cash. The remaining Shariah- compliant debt will be split into convertible bonds and an ordinary sukuk of equal value worth $425 million. The profit rate of the five-year convertible bonds will be as high as 7% and the profit rate of ordinary sukuk 9 respectively.

Shrugging Off a Debt Default, Gulf Islamic Financial Markets Show Maturity

After the request of Dubai World of six-month delay on payments on US$26 billion in debt in 2009, default became an extremely dirty word. Consequently, when this year Dana Gas failed to repay US$920 million on its sukuk, the local press was hesitant whether or not to call this a default. During the global economic and financial crisis, the UAE and Dubai in particular were shook by the credit rating agencies, investors and the international press. Fortunately, multibillion-dollar bailout from Abu Dhabi averted the worst. Until recently, companies, which faced inability to repay their debt, looked for restructuring before deadline. Dana Gas made an exception, however, they managed to come up with a restructuring deal very quickly, thus demonstrating development in terms of maturity of the Islamic finance market.

Dana Gas restructures $920 million sukuk

Dana Gas has eventually agreed upon restructuring its sukuk worth $920 million. Thus, it will potentially avert the seizure of its assets in Egypt. According to Dana's statement on Wednesday, the company intends to pay its sukuk holders a mix of cash and new bonds which will be split between a sukuk and a convertible. There is no information on what proportion would be in cash. This solution to Dana's default is believed to serve best the interests of all stakeholders.

Dana Gas Restructures $1 Billion Bond to Avert Asset Seizure

Dana Gas PJSC was able to conclude a restructuring deal with sukukholders including BlackRock Inc. (BLK). Thus, the formerly mentioned seizure of its Egyptian energy assets will be averted. The company has reached an in-principle agreement with its creditors, according to which it will convert the Islamic bonds into an ordinary and a convertible sukuk. Sukukholders will receive a partial cash payment as well.

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.

UAE's Dana Gas says not aware of sukukholder action against co

Dana Gas, which announced inability to repay a $920 million sukuk on maturity last week, claims to have no information about any action from bondholders against the company. It is expected that creditors will stake claim to the company's assets in Egypt. In a statement by Dana, it was confirmed that the company is not aware of any enforcement actions against the company by sukukholders. They further added that discussions with the adhoc committee of sukukholders show constructive progress.

Bondholders seeking key Dana Gas assets

Dana Gas could not manage to repay a $920 million sukuk on its maturity date. It is suggested that holders of the bond will stake claim to the extensive Egyptian assets of the company. According to an announcement by Dana Gas, they are in talks with bondholders aiming to amend and extend the terms of the sukuk.

Read more on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=340947

Dana Gas gets advisers for sukuk

UAE energy group Dana Gas appointed an international firm to advise on its $920 million convertible sukuk maturing in October, adding it won't stop to meet its obligations.
Dana Gas shares were up 5.9 per cent at 0945 GMT, while the sukuk was unchanged at 64 cents on the dollar.
Dana Gas has a 3 per cent stake in Hungarian group MOL, worth around 55.2 billion forints ($225m). Potential sales of businesses in Egypt and Kurdistan are also filled with political risk, which would hit the price.
Dana Gas' chief executive told Reuters in September the company was owed around $200m by Egypt.

Dana Gas $1b sukuk yield rises to record

Following the failure of the company to supply details on how it plans to repay $1 billion of sukuk maturing in October, Dana Gas Islamic bonds surged to a record.
Dana Gas shares fell 2.2 per cent, the most in more than a week.
It seems that the company's board considered updates on its stake in Mol Nyrt as well as on financing projects in Egypt and the UAE.

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