Posts tagged 'Dana Gas'

A Dana Gas default

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Nov 05 2012 18:34 | Comment |

From Bloomberg earlier on Monday:

*DANA ASKS HOLDERS TO CONFIRM WISH FOR SUKUK TRUST DISSOLUTION

*DANA GAS SAYS ‘DISSOLUTION EVENT HAS OCCURRED’ ON SUKUK

Nov. 5 (Bloomberg) — Co. asks certificate holders to confirm whether they wish for the trust to be dissolved, according to statement carried by the regulatory news service.

That notice, says Exotix’s Gus Chehayeb, officially confirms that a technical default has occurred on Dana’s $920m Islamic bond, and that there was no official standstill agreement in place.

The default could also be a first for UAE public bonds. Read more