Dana Gas Names Advisers for $700 Million of Islamic Debt - BLOOMBERG

4 June 2017, 11:30 a.m. EEST
Anthony Dipaola

• ‘Restructuring may be easier than others’: Arqaam analyst
• Dana Gas has $700 million in Islamic bonds due in October

Dana Gas PJSC named legal and financial advisers to assess options for about $700 million in Islamic bonds due in October, according to a person with knowledge of the situation.

Houlihan Lokey Inc. will serve as financial adviser and Squire Patton Boggs LLP will provide legal counsel, according to the person, who asked not be identified because the matter is not public. None of the companies commented.

UAE's Dana Gas creditors appoint Moelis and Weil for sukuk restructuring –sources - REUTERS

Wed May 17, 2017 | 10:20am EDT | Dubai
Davide Barbuscia

A committee of the holders of some $700 million in Islamic bonds issued by Dana Gas has appointed New York-based boutique investment bank Moelis and U.S. legal firm Weil, Gotshal & Manges to negotiate restructuring of the notes, sources familiar with the matter said on Wednesday.

With a cash balance of around $300 million at end-March and the sukuk due to mature in October this year, the Abu Dhabi-listed energy producer said earlier this month that it intended to hold discussions with its creditors.