Dana Fight With BlackRock to Start Despite U.A.E. Court Order - Bloomberg:
"A London lawsuit over $700 million in Shariah-compliant bonds issued by Dana Gas PJSC will go ahead despite a last-minute United Arab Emirates court order that attempted to stop the company from taking part in the trial. Dana Gas stunned investors and the Islamic finance community when it announced in June that it had reviewed its own bonds and found they were not Shariah compliant. Bondholders, led by Goldman Sachs Group Inc. and BlackRock Inc., hired investment bankers and then lawyers when it became clear they were facing losses of 90 percent or more. But Tuesday, on the first day of the trial, lawyers said an order issued by a court in the U.A.E., where Dana is based, prevented the company from participating in the London case. Judge George Leggatt postponed the start of the trial until Thursday and said that the dispute could go ahead without Dana."
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