Dana Gas dismissed a new proposal from bondholders for the restructuring of US$700 million worth of sukuk, in the latest twist of an acrimonious dispute closely watched by Islamic finance practitioners.
The proposal has the support of more than 70 per cent of sukuk holders and includes a cash paydown of $300m. It has a maturity extension of three years, and the dual-listing of the energy firm’s shares - already listed on the Abu Dhabi stock exchange - in London, to facilitate greater access to capital markets.
“We have always wished to negotiate a consensual restructuring of the sukuk, in response to the company’s request for an extension,” said Andrew Wilkinson, of the lawyers, Weil, Gotshal & Manges, representing the ad hoc committee of sukuk holders, which includes Goldman Sachs and Blackrock.
“We hope that Dana’s management sees this as a good proposal which would deliver a stable capital structure going forward enabling value creation for all stakeholders.”
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Read more:
Investor joy at Dana Gas settlement may be short-lived
Dana Gas shares surge to highest this year thanks to $1bn KRG settlement
Dana Gas moves to lift court injunction in sukuk case
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However, a source close to Dana Gas said the company has already dismissed the offer as "unacceptable and unrealistic", saying it "doesn’t believe that the proposal accurately reflects the legal position of bondholders".
The company will continue to pursue a litigation strategy in London’s courts and Sharjah to restructure its debts, the person said.
Discussions between Dana Gas and its sukuk holders soured earlier this year, when the company claimed outstanding sukuk, due to mature in October, were not Sharia-compliant, and therefore illegal under UAE law.
Such a contention, and the decision to refer the matter to the talks, has unnerved Islamic finance practitioners in the UAE and the wider Islamic finance community.
In late July, the company said it would pursue a litigation driven-outcome with creditors, taking out injunctions against calls for payment in Sharjah and London.
Last month Dana Gas announced the settlement of a long-running dispute with the Kurdistan Regional Government, sending its shares soaring.
Under the terms of the settlement, the KRG agreed to pay Dana Gas and its partners a sum of $600m, together with a $400m payment to be allocated towards the consortium’s further investment in the region’s gasfields.
A further $1.24 billion due to the consortium was reclassified as outstanding costs, recoverable from future revenues generated by operations in the region.
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
On racial profiling at airports
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
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COMPANY%20PROFILE
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Company%20Profile
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