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Saturday, 17 June 2017

Dana Gas bondholders take hard line in testy dispute | The National

Dana Gas bondholders take hard line in testy dispute | The National:

"Dana Gas bondholders have taken a hard line in response to the company in what is turning into a testy dispute over a US$700 million sukuk coming due this year. Dana Gas, the Abu Dhabi Securities Exchange-listed company which is 19 per cent owned by the Jafar family’s Sharjah-based Crescent Petroleum, this week took the unprecedented step of having its sukuk declared to be not compliant with Sharia law. The company also secured an injunction from the court in Sharjah to bar the bondholders from taking legal action, including declaring the company in default, and yesterday sought an additional injunction in the British Virgin Islands to protect the Egyptian assets pledged as collateral on one of its sukuk."



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