Tagged: Arcapita Bank

Recent Developments in Insolvency and Restructuring in the Middle East

Islamic Finance

Recent Developments in Insolvency and Restructuring in the Middle East

<p>On March 19, 2012, certain Arcapita entities filed voluntary petitions under chapter 11 of the US Bankruptcy Code as a means to reorganise their business and restructure over US$2.5bn of indebtedness. Arcapita&rsquo;s chapter 11 process is still<br>
ongoing but is already creating a new landscape for Middle Eastern companies to consider when they face restructuring scenarios. Several key elements of Arcapita&rsquo;s ongoing chapter 11 process demonstrate that a chapter 11 filing can<br>
be an effective means of implementing a restructuring for a Middle East-based company, including procedures<br>
to prevent enforcement action by creditors, maintain the debtor&rsquo;s control over its own restructuring and obtain access to new financing needed to complete a restructuring.</p>
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<p><a href="http://ca.linexlegal.com/contents/view/46029322" title="http://ca.linexlegal.com/contents/view/46029322">http://ca.linexlegal.com/contents/view/46029322</a></p>
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‘Shariah’ Bankruptcy Gets An OK

Islamic Finance

‘Shariah’ Bankruptcy Gets An OK

<p>A U.S. judge Tuesday approved Arcapita Bank B.S.C.'s plan to gradually liquidate itself in a process that conforms with Islamic Shariah law, which generally prohibits borrowing money with interest. The Bahrain-based investment firm entered bankruptcy protection last year with a goal of restructuring itself but ended up with a plan to orderly liquidate its private-equity investments. The modified proposal solved several concerns from creditors, including creating a new entity that will retain the firm&rsquo;s management, and setting a minimum valuation for the company&rsquo;s remaining assets. Arcapita manages infrastructure, real-estate, private-equity and venture-capital investments that are compliant with Shariah.</p>
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<p><a href="http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/" title="http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/">http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/</a></p>
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Arcapita Bank Judge Greenlights Ch. 11 Plan

Islamic Finance

Arcapita Bank Judge Greenlights Ch. 11 Plan

<p>Arcapita Bank on Tuesday secured a New York bankruptcy judge&rsquo;s approval of Chapter 11 reorganization plan, allowing it to exit bankruptcy, pay off its creditors and turn over its assets to a new entity that will manage and dispose of them over time. Sixteen months after it entered bankruptcy, the Bahraini investment bank sailed through a confirmation hearing before U.S. Bankruptcy Judge Sean H. Lane with substantial support from creditors and shareholders.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch-11-plan" title="http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch-11-plan">http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch…</a></p>
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Arcapita Seeks New Bankruptcy Loan From Goldman

Islamic Finance

Arcapita Seeks New Bankruptcy Loan From Goldman

Goldman Sachs Group Inc. (GS), which is already providing Arcapita Bank $350 million in bankruptcy exit financing, is now seeking to give the Bahrain investment firm a $175 million bankruptcy loan that would pay off existing lender Fortress Investment …

Goldman Bests Fortress In Arcapita Bank Loan Battle

Islamic Finance

Goldman Bests Fortress In Arcapita Bank Loan Battle

Goldman Sachs International on Wednesday outbid Fortress Investment Group LLC to provide exit financing to Arcapita Bank BSC worth up to $350 million, money that will allow the Bahraini bank to meet outstanding obligations and work its way out of bankr…

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