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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 32.21 594,047
ALKHODARI 31.12 893,308
BAHRI 53.49 3,787,214
RIBL 17.99 151,302,340
SABIC 105.12 4,624,790
SPIMACO 48.52 619,575
ALMARAI 90.5 257,061
Recent News

Dubai index seen hitting 4,500 level soon
Dubai index, which gained more than 10 per cent since the start of the year, may extend gains to hit 4,500 levels in the next few weeks even as market participants brace for relisting of Amlak Financ

Brent crude oil slips below $66 before long US weekend
Oil prices fell on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.

Monday, May 25 is Memo

Orpic borrows $910m from local, Gulf banks
State-owned Oman Oil Refineries and Petroleum Industries Co (Orpic) has taken out a RO350 million ($910 million), ten-year loan from local and regional banks, part of which will be used to fund expan

Saudi Arabia rewrites oil game with refining might
Saudi Arabia's rapid transition into one of the world's largest oil refiners has added an extra dimension to the oil exporter's role as the driver of Opec (Organization of the Petroleum Exporting Cou

US drivers yield 'swing' oil demand crown to Saudis
As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world's biggest oil exporter Saudi Arabia quietly seized a market milestone from America: the la

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?