Dana Gas shelves exchange offer as sukuk case continues
Dana Gas on Monday shelved an exchange offer to investors in favour of litigation, which the company warns could take 10 years to resolve, after members of an ad hoc committee of bondholders repeatedly refused to engage with the issuer.
“The [committee's] rejection of the contemplated offer and their attempts in court to impede such offer are incomprehensible and are totally against the interests of sukuk holders,” a source close to the company said in an emailed statement.
On May 8, Dana Gas announced plans to restructure
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