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.”
KSA improves real estate transparency
Saudi Arabia has moved up the rankings to finish in the ‘semi-transparent’ category for the first time in the JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI
L’azurde to double number of shops by 2018
Saudi Arabia’s L’azurde Company for Jewellery, which surged on its trading debut in Riyadh on Wednesday, plans to almost double the number of its branches in the Middle East and North Africa by 2018.
Cayan inks accord with Bidaya Home Finance
Cayan Group, the leading property developer in the Middle East, recently signed an agreement with Bidaya Home Finance in Saudi Arabia to provide financing solutions to their clients. Bidaya Home Fina