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BBK gains, confirms news on Arcapita $20m loan
- Bahrain: Tuesday, January 29 - 2013 at 16:56
The Bahrain All-Share Index rose by 0.58% Tuesday, closing at 1,085.61 points. The Bank of Bahrain and Kuwait, known and branded as BBK, gained one percent, finishing at BD0.040. Earlier in the day, BBK confirmed news published on Jan. 20 by Al Wasat newspaper that that Abdulkarim Bucheeri, CEO expected the lender will retain 100pct or part of the $20m loan, which the Bahrain-based and inddebted Arcapita secured. Bucheeri added that BBK cannot speculate whether or not Arcapita might resume operations. On March 19, Islamic investment manager Arcapita filed for bankruptcy protection nder Chapter 11 in the U. S. after it failed to reach an agreement with creditors to restructure $1.1bn worth of debt. At this time, Arcapita had $7bn assets under management.
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Gérard Al-Fil, Financial JournalistTuesday, January 29 - 2013 at 16:56 UAE local time (GMT+4)
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