Regional news: United Arab Emirates

Dana Gas accused of “an abuse” as UK trial adjourned for last time

The England and Wales High Court has again adjourned a trial examining the validity of a US$700 million Islamic bond issued by UAE-incorporated Dana Gas, for what the presiding judge says will be “one final time”.

13 October 2017

Blackrock argues Dana Gas is trying to “avoid its obligations”

The UK trial over the validity of a US$700 million Islamic bond issued by UAE-incorporated Dana Gas finally got underway on Monday, with certificate-holder Blackrock accusing the gas company of bringing the legal challenge “in order to avoid its obligations” to creditors.

26 September 2017

Dana Gas trial to proceed with Blackrock giving evidence

Dana Gas certificate-holder Blackrock can present oral evidence in a trial concerning a US$700 million Islamic bond, the England and Wales High Court has said, even though claimant Dana is currently barred from participating owing to an anti-suit injunction in the UAE.

22 September 2017

Dana Gas accused of "active connivance" with Sharjah court as London trial adjourned to Thursday

The England and Wales High Court has temporarily adjourned a trial between UAE-incorporated Dana Gas and holders of an Islamic bond it declared illegal in June, after it emerged shareholders of the company obtained an injunction from a Sharjah court late last week to halt the UK proceedings.

19 September 2017

UK court "not impressed" with Dana Gas lawyers in UAE

For the second time in under a month, a UK court has ordered United Arab Emirates-incorporated Dana Gas to apply for the discharge of an injunction issued by a Sharjah court against creditors, with the judge saying he was "not impressed" with the performance of the gas company's UAE lawyers.

01 August 2017

UK appeals court clarifies Mareva worldwide freezing injunction test

The England and Wales Court of Appeal has offered clarification on the appropriate test to apply to show a defendant has assets capable of being caught by a worldwide freezing order, partially reversing an earlier decision of a lower court.

25 July 2017

Diamonds aren’t forever: UK court winds up Dubai company

A UK court has ordered the winding-up of a Dubai-based diamond investment company, finding that although it had severed its ties to the UK, the “improper” nature of the business meant a loose interpretation of jurisdictional requirements was in the public interest.

04 July 2017

GRR Live London: How to increase your leverage in a restructuring

Panelists at the recent GRR Live London discussed how to increase leverage in a restructuring, from encouraging directors to take a particular course of action, to making the most of gaps in the debtor's documentation.

03 July 2017

UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal

A month after starting negotiations to restructure a US$700 million Islamic bond, Dana Gas, the biggest gas producer in the Middle East, has announced that the instrument is incompatible with Shari’a law and obtained stays on enforcement from courts in the UAE and the British Virgin Islands (BVI).

16 June 2017

PwC loses expenses claim for nixed Saad and Singularis orders

A majority in the UK Privy Council has denied claims from PricewaterhouseCoopers for costs incurred to fulfill a pair of disclosure orders in aid of liquidations in the Cayman Islands before the orders were nixed on jurisdictional grounds.

18 November 2016

Get unlimited access to all Global Restructuring Review content