Yet another sukuk (Islamic bond) is in trouble. Like the Nakheel sukuk nearly 3 years ago, this issue is from a company in the United Arab Emirates, though this one is based out of Abu Dhabi, rather than Dubai.
The company is Dana Gas, a major natural gas exploration and production company. There are questions as to whether the company can meet its payment obligations under the sukuk. Its stock price is down 41% over the past year and Bank of America downgraded the firm last week.
