ARCAPITA CHAPTER 11 PDF

Arcapita Bank B.S.C.(c) (“Arcapita”) and its Debtor and non-Debtor pertaining to the Chapter 11 proceedings, information regarding the. Companies operating in the U.S. have several legal options for managing unsustainable levels of debt. One such option is Chapter 11 of the U.S. Bankruptcy. Arcapita (Photo credit: Wikipedia) Arcapita Bank emerged from Chapter 11, the company announced this morning, backed by a $ million.

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Arcapita emerged from Chapter 11 in September with a new balance sheet.

The filings automatically imposed a worldwide injunction against collection and enforcement chapfer that will protect the assets of the Arcapita entities while a plan of reorganization is formulated. Explore About Us Overview. Closing in on the resolution of competing motions for summary judgment, the official committee of unsecured creditors for Bahraini investment bank Arcapita are once again arguing that their chpter against Bahrain Islamic Bank, also known as BisB, and Bahrain-based Tadhamon Capital BSC can be heard arcqpita U.

I am confident that the highly qualified RA board of directors selected by the Committee will maximize recoveries for all stakeholders. The creditors in the instant dispute brought their adversary cases against the defendants shortly after the plan was confirmed, accusing them of improperly asserting that investments Arcapita made through BisB and Tadhamon did not have to be returned to the estate and could be held under Bahraini law to set off claims against the debtor.

Court approved the reorganization plan in June and Arcapita emerged from Chapter 11 three months later. It will now be more difficult for those defendants to argue that the courts should abstain under principles chapterr international comity, or that the courts should not apply key provisions of the Bankruptcy Code extraterritorially.

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Bahrain’s Arcapita exits chapter 11, plans asset sales

Bankruptcy Judge Sean H. Click here to login.

FioreU. Arcapita takes steps to protect its stakeholders. Plan confirmed in Falcon Gas Storage Company.

Lane of the United States Bankruptcy Court for the Southern District of New Arcapiat issued an opinion addressing the presumption against extraterritoriality of US law as well as the limits of the doctrine of international comity. Instead, the Defendants informed Arcapita that, pursuant to Bahraini law, they were setting off the Placement Proceeds against prepetition debt owed to them by Arcapita.

I accept the Terms and Conditions. Password at least 6 characters required. Was the idea to simply pick up where Arcapita left off before Chapter 11?

Arcapita emerges from Chapter 11 – PE Hub

During a series of hearings, the debtor proposes restructured terms with its creditors. Arcapita’s Board of Directors approved this course of action as the most effective way to protect atcapita business and assets and implement a comprehensive restructuring that rationalizes Arcapita’s capital structure and maximizes recoveries to creditors and other stakeholders.

Companies operating in the U. Contact Bahrain London Atlanta Singapore. Were there alternatives available to Arcapita? Immediate answers to most-asked questions Get the facts faster arccapita our FAQ. We will not send you spam, and we don’t share your email address with 3rd parties. We were confident that our underlying business still worked, and that Chapter 11 gave us the best chance to maximize proceeds for our stakeholders.

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Bahrain London Atlanta Singapore. Debt is not forgiven through Chapter 11; the process simply establishes the new conditions under which it or at least a portion of it will be paid back chaptrr creditors with future cash flows. For a copy of the press release, click here. On March 19,Arcapita Bank B. Any Holder who does not elect to exchange its Shares prior to the expiration of this deadline shall retain its Shares in Arcapita Arcapitz and the Pro Rata Share of Transferring Shareholder Warrants to which such Holder would have been entitled shall expire and be cancelled without any further action necessary to be taken by the Reorganized Debtors.

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Immediate answers to most-asked questions

On the other hand, the Committee argued that international comity could not be invoked because there was no parallel foreign proceeding. One such option is Chapter 11 of the U. With our debt now trading at a significant discount, hedge funds bought into our debt and believed that if they put enough pressure on us, we would repay the facility at par and they would make a significant short-term gain. As an international group, we may transfer your data on a global basis for the purposes indicated above.