Bloomberg News

Dana Gas ‘Likely’ to Restructure $1 Billion Sukuk, HSBC Says

January 31, 2012

Jan. 31 (Bloomberg) -- Dana Gas PJSC may restructure its $1 billion Islamic bonds maturing in October as the payment deadline approaches, HSBC Holdings Plc said.

The restructuring of the debt “appears increasingly likely as the October 2012 maturity draws closer while cash collections remain weak,” Riyadh-based analyst John Tottie wrote in note to investors dated Jan. 30. “A resolution to liquidity woes should help re-focus attention on attractive asset value,” including Northern Iraq, he said.

To contact the reporter on this story: Dana El Baltaji in Dubai at

To contact the editor responsible for this story: Claudia Maedler at

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