Bahrain’s Arcapita Bank is seeking more time under U.S. bankruptcy court protection as it continues talks with its creditors over the details of its plan to wind down its portfolio companies. In a filing Tuesday in New York, Arcapita’s lawyers asked U….
The European Islamic Investment Bank PLC (EIIB.LN) said Tuesday it has sold a financing facility provided to Arcapita for $8.1 million in cash to Barclays Bank. The facility, dating from 2007, formed part of a syndicated loan facility which was due for…
Bahrain-based Arcapita Bank is planning to liquidate its assets, and will not seek out new investors or investments, according to its reorganisation plan. Creditors will be given equity in two new companies that hold all the assets of Arcapita and seve…
In order to exit bankruptcy, Arcapita has designed a long-term business plan which is to be combined with a previously approved incentive plan with employees. According to the latter plan, terminated employees and such, who remained with the company t…
Arcapita Islamic investment bank, which finds itselb in Chapter 11 bankrupcty, plans a new financial move. It will make a $1.9m Murabaha financing with a profit rate of 15% possible. The money will flow into District Cooling – a joint venture with Dalk…
Moody’s has downgraded Arcapita from B2 to B3 as the retailer’s sales stumbled and the significant leverage involved in the deal weighs on the company’s earnings. The outlook on the rating seems to be negative.
Moody’s re-rating comes after a s…
AssetCo Plc rejected what it called an opportunistic takeover approach from Islamic investment firm Arcapita , and said it received a new loan from its principal bank.
AssetCo, which is valued at 14 million pounds, is the only company to have a fully o…
Banks reduced their exposure to Bahraini investment house Arcapita and Kuwait’s Investment Dar by selling syndicated loans at distressed levels this week.
The sales show that banks are becoming more willing to sell impaired Middle Eastern bank loans as…
Bahraini investment house Arcapita plans to build a fund management business to complement its private equity operations after that segment was badly hit by the financial crisis, its chief executive said.
CEO Atif Abdulmalik told Reuters the firm plans to manage $10 billion worth of funds within three years and expects to generate half its revenues from recurrent fees earned on managing these funds.
Arcapita, which had $4 billion in assets as of year end, would launch a $750 million fund focusing on Asian infrastructure over the coming weeks, he said.
The company launched in February a $500 million Gulf property fund together with the investment arm of Saudi Arabia’s Al Rajhi Bank.
Bahraini investment houses relied on earning up front fees on money they raised for private equity and property deals, a market which was swept away by the burst of the Dubai property bubble late in 2008.
While most of Arcapita’s investments are outside the region, its income from placing them with investors in the Gulf dried up last year.
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