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FINANCIAL NEWS
UK to commence USD700mn sukuk trial without Dana Gas
24 Sep 2017
(MENAFN) London High Court trial started USD700mn Islamic bond without Dana Gas, a UAE-based energy firm.
Meanwhile, a civil trail between both sides was due to open in the High Court but was delayed after three shareholders obtained a last-minute injunction from a UAE court preventing the London trial going ahead.
Furthermore, the case is being watched by the market because it could set a precedent for other Sukuk issuers to refuse to redeem their bonds.
Additionally, Dana Gas has been in a legal battle with bondholders after it refused an offer by creditors to restructure USD700mn of the debt.
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MENAFN2409201700450000ID1095890643
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