Dana Gas, the Sharjah-based energy company currently embroiled in court battles over the legality of its US$700 million sukuk issuance, has had its December 25 hearing at a Sharjah court adjourned, a spokeswoman said.
It is not known when the next hearing will take place.
The Sharjah proceedings are set to determine whether the structuring of the sukuk, which was based on Mudarabah contracts, was valid.
The Abu Dhabi-listed company declared its own sukuk non-Shariah compliant in June, citing recent developments in Islamic finance prior to its maturing in October.
The company said it was not obliged to repay its debt to creditors, who include New York-based BlackRock, the world's biggest asset manager.
Bloomberg reported on Wednesday that Dana Gas and its bondholders could be seeking an out-of-court settlement.
The spokeswoman for Dana Gas declined to comment to The National, saying the company did not respond to market rumours.
The energy firm is being advised by California-headquartered Houlihan Lokey, while New York-based Moelis & Company is the consultant to the creditors.
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Dana Gas's application to appeal English high court order rejected
Dana Gas says Sharjah Court allows it to take part in UK legal proceedings
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Last month, an English court of appeal rejected the firm's application to appeal an order that allowed Blackrock to join the proceedings.
London’s high court on November 17 ruled in favour of creditors, further complicating the legal case. Judge George Leggatt found that Dana Gas’s interpretation of legal documents was “untenable and flatly inconsistent.”
This is the second time that Dana Gas has sought to restructure Islamic bonds, following a deal with creditors in 2013 over a $1 billion sukuk that matured in October 2012. The company had faced cash flow issues due to outstanding payments from Egypt and the semi-autonomous Kurdish region of Iraq, where a large portion of its assets and production facilities are located.
In November, Dana Gas posted a 700 per cent increase in its third quarter net profit due to the favourable outcome of its arbitration dispute with the Kurdistan Regional Government (KRG) in August.
The increase in profitability came as the company reversed its provision for payments to the KRG.
Under the terms of the settlement, the KRG agreed to pay the Pearl Consortium — consisting of Dana Gas, its parent Crescent Petroleum, OMV of Austria, Germany’s RWE and Hungary’s MOL — a sum of $600m, together with a $400m payment to be allocated towards the consortium’s further investment in the region’s gas fields.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Aldar Properties Abu Dhabi T10
*November 15 to November 24
*Venue: Zayed Cricket Stadium, Abu Dhabi
*Tickets: Start at Dh10, from ttensports.com
*TV: Ten Sports
*Streaming: Jio Live
*2017 winners: Kerala Kings
*2018 winners: Northern Warriors
Specs
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Where to Find Me by Alba Arikha
Alma Books
Day 2, Abu Dhabi Test: At a glance
Moment of the day Dinesh Chandimal has inherited a challenging job, after being made Sri Lanka’s Test captain. He responded in perfect fashion, with an easy-natured century against Pakistan. He brought up three figures with a majestic cover drive, which he just stood and admired.
Stat of the day – 33 It took 33 balls for Dilruwan Perera to get off the mark. His time on zero was eventful enough. The Sri Lankan No 7 was given out LBW twice, but managed to have both decisions overturned on review. The TV replays showed both times that he had inside edged the ball onto his pad.
The verdict In the two previous times these two sides have met in Abu Dhabi, the Tests have been drawn. The docile nature of proceedings so far makes that the likely outcome again this time, but both sides will be harbouring thoughts that they can force their way into a winning position.
RESULTS
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