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Dana Gas, the Abu Dhabi-listed energy firm, postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum.
This is the second time the meeting has been rescheduled after a majority was not reached at a shareholder meet on March 21. Dana announced the new date in a filing on the Abu Dhabi bourse.
Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock, a week later.
Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which pay an average coupon of eight per cent.
Abu Dhabi-listed energy company Dana missed repayment of its $920 million sukuk that matured in October last year.
The Abu Dhabi-listed energy firm missed repayment of its $920 million sukuk last year.
The bank is borrowing from financial markets again as it recovers from a debt restructuring.
The amount will be used to fund the 271-unit Oia residential project in the emirate