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Arcapita files restructuring plan
- Bahrain: Sunday, February 10 - 2013 at 04:55
Bahraini lender Arcapita Bank has said it had submitted a plan to reorganise the company, Reuters has reported. The investment firm, the first Gulf company to file for bankruptcy in the United States under Chapter 11 rules, was given court approval in November to take out a $125m Islamic loan to provide funding while it restructured its debts. The plan "represents the most effective way to implement a comprehensive restructuring ... and maximise recoveries to creditors and other stakeholders", the bank said.
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