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.
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