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| 13 September, 2017

Dana Gas sukuk restructuring proposal unrealistic -source close to company

A proposal by holders of $700million of sukuk issued by Abu Dhabi-listed Dana Gas to restructure the Islamic bonds is "unrealistic" and "unacceptable".

DUBAI - A proposal by holders of $700 million of sukuk issued by Abu Dhabi-listed Dana Gas to restructure the Islamic bonds is "unrealistic" and "unacceptable", a source close to the company said on Wednesday.

As a result, Dana will continue to pursue litigation over the sukuk in United Arab Emirates and British courts, the source told Reuters.

The source was speaking after a committee of sukuk holders submitted a restructuring proposal to the management of Dana, which has been refusing to redeem the sukuk when they mature next month. Dana has not so far issued a public statement in response to the proposal.

(Reporting by Davide Barbuscia; Editing by Andrew Torchia) ((Davide.Barbuscia@thomsonreuters.com;))