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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Judge Lane remarked at the time that the case was fascinating because it required those involved to coordinate U. Contact Bahrain London Atlanta Singapore.
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Our shareholders had supported us in many ways chpter the previous several years but we did ardapita feel it was prudent to request them to provide additional capital to repay our maturing financing facility.
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.
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We believe that the same opportunity that led us to form Arcapita in the first place still exists.
Leblanc and Nicholas A. It will now be more arcapia for those defendants to argue that the courts should abstain under principles of international comity, or that the courts should not apply key provisions of the Bankruptcy Code extraterritorially.
Arcapita Bank B.S.C. Case Administration Website
The Notice of Effective Date, also, established March 21, as the deadline to file a request for payment of Professional Compensation Claims; and the deadline to file a proof of claim arising from the rejection of an Executory Contract or Unexpired Lease. Companies operating in the U.
No Thanks Sign up now. Given the use of the US correspondent bank accounts, the Defendants could not reasonably be surprised to be litigating in the US. Tadhamon Capital BSC, case numberin the same venue.
Under the doctrine of international comity, nation states normally refrain from prescribing laws that govern activities connected with another state when the exercise of such jurisdiction is unreasonable. Enter your details below and select your area s of interest to stay ahead of the curve and receive Law’s daily newsletters.
On March 19,Arcapita filed a Chapter 11 petition. The reorganization became effective today. In other words, these foreign defendants may now have to arcaptia in the US courts. We take your privacy seriously. Bankruptcy Code, which governs how a company can reorganize its debt in cjapter to keep the business running and repay its creditors over time. Under the terms of the reorganization, Arcapita legally referred to as AIM Group Limited led by the existing management team will continue to manage the Arcapita investment portfolio on behalf of investors and creditors, with the objective of maximizing exit values across the portfolio.
How did Arcapita fare during the Great Recession? You must correct or enter the following before you can sign up: On the other hand, the Committee argued that international comity could not be invoked because there was no parallel foreign proceeding.
We appreciate the strong support that we received from our stakeholders and look forward to delivering future value to investors. We ultimately decided that the best course of action was to file for Chapter 11 protection in the U.
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We believed that we had sufficient assets on our balance sheet, so we asked for a three-year window that would give us sufficient additional time to monetize our assets in an orderly manner. The opinion underscores just how difficult it is to argue that claims should be dismissed on international comity grounds or that sections of chxpter Bankruptcy Code should not apply extraterritorially.
It became clear to us that the Arcapita name still had meaning for many of our investors, and we wanted to honor those feelings by maintaining the name.