DUBAI Nov 18 The board of Dana Gas is
meeting on Sunday morning to discuss progress in restructuring
the company's $920 million Islamic bond which matured last
month, the company said in a stock exchange statement.
Natural gas producer Dana, headquartered in the emirate of
Sharjah, said on Nov. 7 it had reached an agreement in principle
with creditors on restructuring the sukuk, and
would pay holders a mix of cash and two new bonds. The new bonds
would be a sukuk and a convertible sukuk.
Detailed terms of the restructuring and the proposed new
sukuk are yet to be made public.
The Dana Gas board will also discuss the company's projects
in Egypt, Iraq's Kurdistan and the United Arab Emirates, the