The Abu Dhabi-listed Dana Gas has described decisions by the High Court of Justice in London as favourable, as the company seeks to restructure US$700 million of outstanding sukuk on the grounds that the instruments have become unlawful in the UAE.
On July 5 a High Court judge upheld an injunction blocking holders of the bonds, which are due to mature in October, from enforcing claims related to the securities against Dana.
But he also imposed restrictions on asset sales by Dana and its ability to raise more debt or pay dividends. He ordered Dana to cancel an injunction in a court in Sharjah, where it has been trying to have the sukuk declared unlawful, and to seek a stay of proceedings there.
On Sunday, responding to the London court decisions, the company said: "Dana Gas succeeded on all the legal arguments upon which it relied, and the court continued the injunction, until a trial scheduled for September 2017.
"The English Judge found, on the two key tests for the continuation of an injunction under English law, that Dana Gas has a 'seriously arguable case' and that the balance of justice was in favour of the Company. Dana Gas was also not required to fortify the injunction."
Dana noted that it had been ordered to lift its injunction in the Sharjah court and to stay proceedings there; it said this was "in order to avoid duplication in multiple jurisdictions".
The company remains keen to engage with sukuk holders and reach an agreement on a consensual basis, which is not prevented by the injunctions in place, Dana added.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
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● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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