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Dana Gas has revoked an offer to creditors to exchange its outstanding $700 million Islamic bond for new notes, ending the chance of a consensual resolution to a case that could shape the future of the global Islamic finance industry. Dana is refusing to repay holders of its Islamic bond, or sukuk, which matures in October. Creditors say Dana has to pay them back. In mid-June it obtained an injunction from London's High Court blocking the holders of the bonds from taking action against the company.
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