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US court approves Arcapita's sharia bankruptcy planBahrain investment firm Arcapita Bank has received approval from a US Bankruptcy Court for its plan to repay creditors, thought to be the first in the US that is compliant with sharia, Islamic law. More… |
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US Court approves Arcapita Chap 11 disclosure statementBahrain-based Arcapita Bank said the US Court has approved the Disclosure Statement for the amended chapter 11 plan of reorganization of the investment bank and its debtor affiliates. More… |
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Bahrain Air sued over liquidationA leading shipping and logistics firm has filed a case in Bahrain’s High Civil Court against the decision of Bahrain Air to enter voluntary liquidation. Logistics and shipping firm Almoayed Wilhelmsen argues the airline shou More… |
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Arcapita 'planning to liquidate assets'Bahrain-based Arcapita Bank is planning to liquidate its assets and will not seek new investors or investments, said a report. The bank "will wind down its operations and will not seek out new investors or investments," More… |
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Troubled bank Arcapita files reorganisation planBahrain-based Arcapita Bank, the first Gulf company to file for bankruptcy in the United States under Chapter 11 rules, said on Saturday it had submitted a plan to reorganise the company. The investment firm filed for bankruptcy i More… |
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Grounded by lack of vision...I have long been a big fan of Gulf Air, not least because it was the airline that brought me out to the Middle East 10 years ago for my first job in the region. Perhaps surprisingly that flight was taking me to a job in Dubai on a flight via Abu More… |
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UAE bankruptcy law draft delayed to end-2013A draft of changes to UAE bankruptcy law aimed at simplifying the process and letting failing companies restructure is taking longer than expected and may not be ready until the end of 2013. The draft, which has been in the works More… |
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Arcapita secures sharia-compliant bankruptcy loanBahrain-based Arcapita Bank has gained court approval for a $125 million bankruptcy loan from Fortress Investment Group, believed to be the first such loan consistent with sharia, Islamic law. T More… |
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Top Bahrain firms warn of bankruptcyBahrain's top businessmen have warned of imminent bankruptcies if street violence and protests continue, adding that foreign investments could 'dry up' if authorities cannot bring back law and order to the country. The Bahrain More… |
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Analysis: Arcapita Chapter 11 a first for GulfPrivately-owned Bahraini investment house Arcapita is following in the footsteps of General Motors and Chrysler by filing for US Chapter 11 bankruptcy protection after non-bank creditors opposed extending a $1.1 billion loan facility due in March. More… |
