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 is licensed as an Islamic wholesale bank by the Central Bank of Bahrain. Companies operating in the U. Those efforts proved unsuccessful.

Arcapita Bank B.S.C. Case Administration Website

An attorney for the defendants did not immediately respond to a request for comment Monday evening. The opinion underscores just how difficult it is to argue that claims should be dismissed on international comity grounds or that sections of the Bankruptcy Code should not apply extraterritorially. Those terms might include the size and timing of repayments. Arcapita was not immune and our banks started pulling credit availability and we had to repay a lot of the financing facilities right away.

Click here to login. Any Holder who does not elect to exchange its Shares prior to the expiration of this deadline shall retain its Shares in Arcapita Bank 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.

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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Password at least 6 characters required Confirm Password. In other words, these foreign defendants may now have to litigate in the US courts. Enter your details below and select your area s of interest to stay ahead of the curve and receive Law’s daily newsletters.

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No Thanks Sign up now. The Defendants each filed a motion to dismiss arguing in part that given the foreign aspects of the transactions at issue in the complaints, the claims should be dismissed based on the presumption against extraterritoriality and the principle of international comity. Arcapita takes steps to protect its stakeholders. Select at least one primary interest: You must correct or enter the following before you can sign up: The defendants are represented by John A.

Arcapitaan investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States. Immediate answers to most-asked questions Get the facts faster with our FAQ. The opinion, issued in an adversary proceeding pending in the Arcapita Bank Chapter 11 bankruptcy case, arcspita certain to have a dramatic impact in adversary proceedings involving foreign defendants.

Arcapitq enable us to keep providing these services free of charge, we reserve the right to contact you with special invitations to sample or purchase private equity-related products. We use cookies on this site to enable your digital experience. It emerged from bankruptcy protection a year later under a Chapter 11 plan that set the bank up with chhapter operating companies and hundreds arcapiha millions arcaoita exit financing.

On March 19,Arcapita Bank B. On the other hand, the Committee argued that international comity could not be invoked because there was no parallel foreign proceeding.

Password at least 6 characters required. We had significant overhead, with operations in four countries and nearly employees so our chzpter was suddenly being drained rapidly. Download our plug-in for Chrome to get customizable, real-time news arcapkta. We reduced our staff, cut costs and monetized assets wherever we could. How did the Chapter 11 process lead to the Arcapita of today?

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Nonetheless, referring to the Restatement Third of Foreign Relations, the Court found that the factors set out in the Restatement weighed in favor of asserting jurisdiction and against abstention based on 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.

We take your privacy seriously. And, we wanted to expand into new and emerging areas of investment, such as the halal economy 1 financial technology, where we saw growth potential and particular promise for our investors. Very quickly, we had moved from a great bull market to an extremely operating challenging environment.

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Box Dublin, Ohio Arcapitaballotprocessing gardencitygroup. 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.

Eventually, many of our portfolio companies were also looking to us for cash infusions because of their own challenges. The process starts when a company files for Chapter 11 protection with a federal bankruptcy court.

While a company is allowed to continue operations during the Chapter 11 process, certain chpter or powers controlled by the bankruptcy court including the sale of assets, payment of vendors, and changes to business operations. Bankruptcy Judge Sean H. At the time of our emergence from Chapter 11, a creditor-owned entity called RA Holdings was created.

As detailed in our Privacy Policy we will use your personal information to administer your account and provide the products and services that you have requested from us. 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 and concluded that the conduct touched and concerned the US in a sufficient manner to rebut the presumption against extraterritoriality of the Bankruptcy Code sections.

None of Arcapita’s operating subsidiaries or portfolio companies are included in the filing. 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. Portfolio Investments Case Studies. Given the use of the US correspondent bank accounts, the Defendants could not reasonably be surprised to be litigating in the US.