Dana Gas moves to lift court injunction in sukuk case
Dana Gas has filed an application with the emirate’s Federal First Instance Court to lift an injunction, protecting it against claims related to its USD700mn Islamic bonds or sukuk. Dana, which is embroiled in a row with its bondholders on restructuring of the outstanding sukuk, had received the Sharjah court injunction on 13 June, but moved to discharge it in compliance with a London court order. A judge at London's High Court, who upheld the interim injunction blocking bondholders from enforcing claims on the company, ordered Dana to cancel the Sharjah injunction and seek a stay of proceedings there. The full hearing on the case will begin in London in September.
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