UAE energy producer Dana Gas said on Tuesday a large majority of holders of its outstanding $700 million sukuk had consented to a proposed restructuring of the notes.

The company, which last year refused to repay creditors because it claimed its sukuk were no longer Sharia-compliant, reached last month a restructuring agreement after a protracted and complex legal battle.

It said on Tuesday that following the launch of a tender and exchange offer on May 22, it had received the approval of 93.69 per cent of the holders for the terms of the proposed restructuring, exceeding the minimum required 75 per cent approval threshold.