Dana Gas said to hire Blackstone to restructure US$1bn sukuk

Sharjah-based firm said earlier this year that it would meet its debt obligations
Dana Gas said to hire Blackstone to restructure US$1bn sukuk
Hamid Jafar, Dana Gas chairman.
By Bloomberg
Tue 24 Apr 2012 03:40 PM

Dana Gas hired Blackstone Group, the world’s largest private-equity firm, to advise on the US$1bn restructuring of Islamic bonds maturing in October, three people familiar with the matter said.

Deutsche Bank is also advising the company, two people with knowledge of the matter said in January.

Dana Gas, whose parent Crescent Petroleum owns 3 percent of Hungarian refiner Mol, said Janurary 17 it would meet debt obligations and appointed a financial adviser, without identifying it.

Dana Gas, which produces and explores for oil and gas in Egypt and Iraq’s Kurdistan region, said in March money owed by customers almost doubled last year to US$501m.

The company may restructure the sukuk at 61.5 percent to par value, investment bank Exotix said in January.

The outside public relations company for Dana Gas, based in the UAE;s sheikhdom of Sharjah, declined to comment when contacted by Bloomberg News. Blackstone and Deutsche Bank also declined to comment.

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