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 emerged from Chapter 11 in September with a new balance sheet. Bahrain London Atlanta Singapore.

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

Eventually, many of our portfolio companies were also looking to us for cash infusions because of their own challenges. One such option is Chapter 11 of the U. Arcapita, the international investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States.

Please provide a professional email: With our debt now trading at a significant chaptre, hedge funds bought into our debt and believed that if they put chapfer pressure on us, we would repay the facility at par and they would make a significant short-term gain. Our shareholders had supported us in many ways over the previous several years but we did not feel it was prudent to request them to provide additional capital to repay our maturing financing facility. In support of its conclusion, the Court noted the following: Essentially, the doctrine is concerned with maintaining amicable working relationships between nations.

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

Arcapita emerges from Chapter 11 – PE Hub

The reorganization became effective today. 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.

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On March 19,Arcapita Bank B.

We also searched for ways to refinance that debt or to raise the cash to pay it off. 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 chaptdr. 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.

When the Placement investments matured, the Defendants refused to deliver the Placement Proceeds to Arcapita as required by the Placement Agreements.

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Enter your details below and select your area s cahpter interest to stay ahead of the curve and receive Law’s daily newsletters. Bankruptcy Code, which governs how a company can reorganize its debt in order to keep the business running and repay its creditors over time.

Companies emerging from Chapter 11 typically take on a new name and leave the old name behind. Should you have any questions please do not hesitate to contact us: Leblanc and Nicholas A.

It emerged from bankruptcy protection a year later under a Chapter 11 plan that set the bank up with new operating companies and hundreds of millions in exit financing. First Name Last Name. On the other hand, the Committee argued that international comity could not be invoked because there was no arcapjta foreign proceeding.

Arcapita emerges from Chapter 11

This will discontinue both the special invitations mentioned previously, as well as your subscription to the weekly newsletter. Password at least 6 characters required. It will now be more difficult arcapira 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’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.

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Over the last three years, we managed the orderly monetization of the legacy chpter.

Given the use of the US correspondent bank accounts, the Defendants could not reasonably be surprised to be litigating in the US. Download our plug-in for Chrome to get customizable, real-time news alerts. Email Professional email required.

Bankruptcy Judge Sean H.

In support of its conclusion, the Court noted the following:. October 17, at 4: Eastern Time as the deadline to file administrative expense proofs of claim, the “Administrative Expense Claims Bar Date”.

An attorney for the defendants did not immediately respond to a request for comment Monday evening.

I am confident that the highly qualified RA board of directors selected by the Committee will maximize recoveries for all stakeholders. Under the chapte 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.

Debt is not forgiven through Chapter 11; the process simply establishes the new conditions under which it or at least a portion of it will be paid back to creditors with future cash flows. On March 19,Arcapita filed a Chapter 11 petition. In other words, these foreign arfapita may now have to litigate in the US courts.