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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Given the use of the US correspondent bank accounts, the Defendants could not reasonably be surprised to be cyapter in the US. FioreU.

Arcapita FAQ – we did everything we could from to improve our position.

Contact Bahrain London Atlanta Singapore. Arcapitaan investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States.

The process starts when a company files for Chapter 11 protection with a federal bankruptcy court. This will discontinue both the special invitations mentioned previously, as well as your subscription to the weekly newsletter.

With regard to the avoidance claim under section and the recovery claim under sectionthe Court focused on the initial transfers into the US bank accounts fhapter concluded that the conduct touched and concerned the US in a sufficient manner to rebut the presumption against extraterritoriality of the Bankruptcy Code sections.

Chapyer 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 claims against Bahrain Islamic Bank, also known as BisB, and Bahrain-based Tadhamon Capital BSC can chaptrr heard by U.

Court approved the reorganization plan in June and Arcapita emerged from Chapter 11 three months later. Those efforts proved unsuccessful.

The defendants are represented by John A. Password at least 6 characters required Confirm Password. BaumanU.

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Arcapita is licensed as an Islamic wholesale bank by the Central Bank of Bahrain. Password at least 6 characters required. According to the committee, both BisB and Tadhamon colluded with Arcapita to manufacture a right to set-off in the days before it filed for bankruptcy, in violation of Bahraini law. Was the idea to simply pick up where Arcapita left off before Chapter 11? On March 19,Arcapita Bank Arcspita.

Eventually, many of our portfolio companies were also looking to us for cash infusions because of their own challenges.

Arcapita Creditors Seek $30M Clawbacks In Ch. 11 Pretrial Bid – Law

Should you ever wish to unsubscribe from a particular communication you may activate the unsubscribe mechanism at the bottom of the email. In support of its conclusion, the Court noted the following:. Arcapita, the international investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States.

Listen To Our Latest. Arcapita’s Board of Directors approved this course of action as the most effective way to protect their business and assets and implement a comprehensive restructuring that rationalizes Arcapita’s capital structure and maximizes recoveries to creditors and other stakeholders.

With this prior ruling in mind, Judge Lane turned his attention to the issues of international comity and extraterritoriality. On the other hand, the Committee argued that international comity could not be invoked because there was no parallel foreign proceeding.

Unfortunately for those foreign defendants, it may now be much more difficult to escape from those proceedings. 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.

We appreciate the strong support that we received from our stakeholders and look forward to delivering future value to investors. Select at least one primary interest: Should you have any questions please do not hesitate to contact us: How did Arcapita fare during the Great Recession? Make sure you don’t miss any Law breaking news. We ultimately decided that the best course of action was to file for Chapter 11 protection in the U.

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Plan confirmed in Falcon Gas Storage Company. The bankruptcy case is In re: Enter your details below and select your area s of interest to stay ahead of the curve and receive Law’s daily newsletters.

Essentially, the doctrine is concerned with maintaining amicable working relationships between nations. October 17, at 4: 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. The goal was to create a new and improved firm. Those businesses must liquidate their remaining assets to pay back creditors as much as possible.

Arcapita Bank: The Bankruptcy Court Closes an Escape Valve for Foreign Defendants

An attorney for the defendants did not immediately respond to a request for comment Monday evening. In the autumn ofafter the fall of Lehman Brothers, a global liquidity crisis set in.

Those terms might include the size and timing of repayments. At the time of our emergence from Chapter 11, a creditor-owned entity called RA Holdings was created. Email Professional email required. I accept the Terms and Conditions. As an international group, we may transfer your data on a global basis for the purposes indicated above. Under New Arcapita, we will be able both to assist RA and investors to maximize the value of the existing investment portfolio and to undertake new vhapter opportunities.