East Cameron Gas Sukuk – a case study on sukuk default

By Haitham Zeineldin

East Cameron Partners (ECP) was the first US entity to issue sukuk through a two-tiered Musharakah structure. The issue was thought of as an advance in the US Islamic finance market where BSEC structured the deal, Merrill Lynch was the book-runner, KPMG were the auditors and the legal advisers were Vinson & Elkins LLP, Walkers and Baker Hostettler. In 2008, East Cameron filed for Chapter 11 bankruptcy protection under the US Bankruptcy Code.

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