Sunday, March 17, 2013

Dana Gas’ sukuk restructuring makes the case for a new restructuring law

Dana Gas’ sukuk restructuring was announced in 2012, but because it required shareholder approval, the process has lasted into 2013 and may have hit a bump in the road as a shareholders meeting failed to have 75% of the shares vote, depriving the company of the quorum needed to ratify the restructuring. This development—while likely to be quickly resolved—demonstrates the need for a formal restructuring process within the GCC countries.

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