Dana Loses U.K. Appeal to Bar BlackRock From $700 Million Case - Bloomberg

Dana Loses U.K. Appeal to Bar BlackRock From $700 Million Case - Bloomberg:

"Dana Gas PJSC received another set-back in the six-month old legal battle to invalidate its $700 million Islamic bonds. The English Court of Appeal refused the United Arab Emirates energy company’s application to appeal an order by the High Court in London that allowed bondholder BlackRock Inc. to join the case and for proceedings to continue in Dana Gas’s absence, according to a statement on Monday. Sharjah-based Dana Gas couldn’t participate in the trial due to a court injunction at home. The English High Court in September allowed BlackRock to join the trial over the validity of a purchase agreement that is part of the sale of the securities. Dana Gas contended that sukukholders are "expressly prohibited" from pursuing a claim in relation to the purchase undertaking involving the sukuk al mudaraba, as the bonds are called."



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