IslamicFinance.de

United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring. The company has obtained a one-year $90 million loan from Mashreq Bank. The new loan will be repaid when Dana completes a planned sale of its Egyptian assets. The firm shook the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, arguing they were no longer valid under UAE law because of changes in Islamic financial practice. After a protracted legal battle, it reached an agreement with creditors in 2018. That restructuring followed an earlier one in 2012.