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Bahrain's Arcapita amends restructuring plan
- Bahrain: Saturday, April 20 - 2013 at 01:52
Bahrain-based Arcapita Bank and its debtor affiliates, including Arcapita Investment Holdings, have submitted a modified a consensual plan of reorganisation in a bid to boost recoveries to creditors and other stakeholders, Gulf Daily News has reported. The amended plan, which has the support of the official committee of unsecured creditors and an ad hoc group of significant creditors, provides the framework for a comprehensive restructuring of Arcapita, the investment firm said. "The plan avoids expensive litigation and facilitates a prompt emergence from bankruptcy. I look forward to confirmation and a quick resolution of these Chapter 11 cases," said Barclays Americas credit restructuring and advisory group head Marc J Glogoff, who's also chairman of the official committee of unsecured creditors.
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