Thursday 06, July 2017 by William Mullally

Dana Gas granted extension

Bloomberg reported that Judge Waksman noted the ‘real reputational damage’ the company could face if found to be in default.

Dana Gas has been granted an extension to the UK court order stopping investors from taking legal action against the firm in the matter of its $700 million Sukuk. However, His Honour Judge David Waksman QC also put limits on what the company can do to affect its financial position, restricting asset sales, dividend payments, etc. He also ordered Dana Gas to get a stay of proceedings in legal action in a court in Sharjah in the UAE.

The Sukuk at the centre of the dispute is due to mature in October. A full court hearing in London may take place in September, before the maturity date. In agreeing to keep the injunction in place, Bloomberg reported that Judge Waksman noted the ‘real reputational damage’ the company could face if found to be in default.

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