Arcapita to File Chapter 11 Plan by Dec. 14

Bahrain investment firm Arcapita Bank has time until Dec. 14 to submit a reorganization plan without the threat of rival proposals. The company shall not seek any further extensions after that date. The extension was approved by judge Sean H. Lane of U.S. Bankruptcy Court in Manhattan. The decision was made possible by the satisfaction of an objection from Arcapita's official committee of unsecured creditors. Arcapita considers a standalone plan as well as a plan involving new money from a third party.

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