Dana Gas debt-restructuring takes another twist

Dana Gas debt-restructuring takes another twist: Dana Gas plans to restructure its USD 700 mn of sukuks after its board received instructions that, in their present form, Dana Gas sukuks are not Shari'a compliant and is therefore unlawful under UAE regulations, the company said in a statement on Tuesday. The company proposes to halve the current profit rates on the sukuks in the new compliant ones it plans to replace them with. Delayed payments by Iraqi Kurdistan and Egypt had driven the company to restructure.