Arcapita Files for Bankruptcy Protection as Debt Talks Fail


19/03/2012 19:59 AST  Bloomberg

Arcapita Bank BSC, the owner of Irish power utility Viridian Group Ltd., filed for bankruptcy in the U.S. after failing to reach an agreement with creditors on a $1.1 billion loan due this month.

Arcapita, formerly known as First Islamic Investment Bank, and five affiliates sought Chapter 11 protection today in U.S. Bankruptcy Court in Manhattan, listing more than $1 billion in both debts and assets. Arcapita’s board approved the process “to protect their business and assets and implement a comprehensive restructuring,” the Manama, Bahrain-based private-equity firm said in an e-mailed statement today.

The bankruptcy filing is a “logical step by the company to protect its foreign investments and from individual creditors going after the company’s assets in Europe, the U.S. and Asia,” Serge Lioutyi, a London-based distressed debt trader at Citigroup Global Markets Ltd. said in an e-mail today. It “will help the company focus on reaching a consensual agreement with creditors rather than worrying about individual claims.”

For more on this Click Here

Economic and Business News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL
Most Viewed Companies
Ticker Price Volume
EMAAR 9.52 4,862,651
RIBL 19.05 2,317,919
ARTC 4.16 42,783,740
EEC 88 1,006,916
SECO 16.65 1,662,324
SABIC 129.5 4,207,520
MMG 12.55
Recent News

Agthia profit surges 21pc in H1
Agthia Group, one of the UAE’s leading food and beverage groups, has reported a net profit of Dh104.5 million (28.45 million) for the first half of 2014, an increase of 21 percent year-on-year driven

Nakheel lines up a world of DSS entertainment and prizes Ibn Battuta
Nakheel is gearing up for its busiest season on record at its flagship Ibn Battuta Mall, where a world of entertainment, promotions and prizes awaits visitors throughout Dubai Summer Surprises 2014.<

BNH net profit surges 23.2pc to $6.15m
Bahrain National Holding (BNH) has reported 23.2 per cent rise in consolidated net profit at BD2.34 million ($6.15 million) for the six months ended June 30 when compared with BD1.9 million for the s

Saudi Arabia to emerge as the seventh largest emerging capital market
Driven by accelerating growth in capital raising activities over the next one-and-a-half decades, emerging nation capital markets are expected to capture a more proportionate share of the global capi

SPF Realty hosts grand Iftar party bash
SPF Realty, leading real estate service provider in UAE, has hosted its annual corporate Iftar gathering in Dubai in celebration of the spirit of the Holy Month of Ramadan. The grand Iftar party bash

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?