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;))