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Bloomberg reported that Dana Gas has agreed to pay $100 million in cash to bondholders as a condition of a $920 million debt restructuring deal.
Bloomberg reported that Dana Gas has agreed to pay $100 million in cash to bondholders as a condition of a $920 million debt restructuring deal.
As quoted in the market report:
The cash would be paid to holders of the Shariah-compliant notes, or sukuk, once a lockup agreement between Dana Gas and its creditors is signed, likely later this month, according to the person, who asked not to be identified because the information is private. Dana Gas, which didn’t pay the $920 million sukuk when they matured at the end of October, said Nov. 7 it had reached a restructuring agreement with its main noteholders including a partial cash payout. A spokeswoman for Dana Gas declined to comment on the restructuring terms.