US court gives Arcapita more time to control bankruptcy
- Bahrain: Thursday, October 11 - 2012 at 01:55
A US Bankruptcy Judge has ruled that Bahrain-headquartered fund manager, Arcapita can extend control of its bankruptcy, overruling objections from lenders, Bloomberg has reported. Judge Sean Lane approved the extension, giving the Shari'ah-compliant firm until December 14 to file a plan, and until February 12 to win creditors' support. A group of lenders owning $1.1bn of Arcapita's unsecured debt had objected to the extension in court papers, saying the company already has a plan that may lead to sales of investments with a liquidation value of $1.4bn. Creditors had also objected, saying Arcapita is "languishing" in bankruptcy. They agreed not to oppose the request under a settlement.
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