Thursday 24 July 2014
 
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Bankruptcy

Kuwait's Al Madina files for protection

Kuwaiti firm Al Madina for Finance and Investment Co said on Wednesday it was uncertain of its ability to continue as a going concern, after posting a 26 percent drop in assets and widening its losses for the last financial year.

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The brief reign of bitcoin's top exchange

The collapse of Mt. Gox (short for "Magic: The Gathering Online Exchange") might appear sudden, but bitcoin insiders say its downfall began nearly a year ago as the virtual currency exchange tangled with regulators, split from former b

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Bitcoin exchange seeks bankruptcy protection

The Mt Gox bitcoin exchange in Tokyo has filed for bankruptcy protection and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for. The exchange's CEO Mark Karpeles appeared befo

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Detroit files for bankruptcy, set for court fight

Detroit filed the largest municipal bankruptcy in US history on Thursday, setting the stage for a costly court battle with creditors and opening a new chapter in the long struggle to revive the city that was the cradle of the American auto indus

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US court approves Arcapita's sharia bankruptcy plan

Bahrain 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.

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US Court approves Arcapita Chap 11 disclosure statement

  Bahrain-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.

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Bahrain Air sued over liquidation

A 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

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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,"

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Troubled bank Arcapita files reorganisation plan

Bahrain-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

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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

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