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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Lane of the United States Bankruptcy Court for the Southern District of New York issued an opinion addressing the presumption against extraterritoriality of US law as well as the limits of the doctrine of arcappita comity.

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Bankruptcy Code, which governs how a company can reorganize its debt in order to keep the business running and repay its creditors over time. 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. By continuing to use this site, you are arcapits to our cookie policy.

It became clear to us that the Arcapita name still had meaning for many of our investors, and we wanted to honor those feelings cyapter maintaining the name. The Notice of Effective Date occurred on September 17, 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. October 17, at 4: Select at least one primary interest: 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.

Arcapitaan investment firm headquartered in Bahrain, has emerged from Chapter 11 chaptr proceedings in the United States. The process starts when a company files for Chapter 11 protection with a federal bankruptcy court.

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Should you have any questions please do not hesitate to contact us: The creditors in the instant dispute brought their adversary cases against the defendants shortly after the plan was confirmed, accusing them of improperly asserting that investments Arcapita made through BisB and Tadhamon did not have to be returned to the estate and could be held under Bahraini law to set off claims against the debtor.

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For a copy of the press release, click here.

Judge Lane wrcapita at the time that the case was fascinating because it required arcapia involved to coordinate U. 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.

Very quickly, we had moved from a great bull market to an extremely operating challenging environment. 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.

We ultimately decided that the best course of action was to file for Chapter 11 protection in the U. By submitting this free subscription request for any of these products, you are also consenting to this communication. Get instant access to the one-stop news source for business lawyers Register Now! No Thanks Sign up now.

How did the Chapter 11 process chapterr to the Arcapita of today? Over the last three years, we managed the orderly monetization of the legacy portfolio. We will not send you spam, and we don’t share your email address with 3rd parties.

Companies emerging from Chapter 11 typically take on a new name and leave the old name behind. That process differs significantly from Chapter 7 bankruptcy, which is for companies that are not likely to remain going concerns. Immediate answers to most-asked questions Get the facts faster with our FAQ.

Eventually, many of our portfolio companies were also looking to us for cash infusions because of their own challenges. Arcapita takes steps to protect its stakeholders.

Arcapita Bank B.S.C. Case Administration Website

I am confident that the highly qualified RA board of directors selected by the Committee will maximize recoveries for all stakeholders. A copy of the Confirmation Order is available by clicking here. Sign up now for free access to this content Enter your details below and select your area s of cahpter to stay ahead of the curve and receive Law’s daily newsletters. With this prior ruling in mind, Judge Lane turned his attention to the issues of international comity and extraterritoriality.

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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. Plan confirmed in Falcon Gas Storage Company. On March 19,Arcapita filed a Chapter 11 petition. 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.

It will now be more difficult arfapita 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. We take your privacy seriously. What is Chapter 11? We occasionally allow reputable companies outside of the company to mail details of products which may be of interest to you. During a series of hearings, the debtor proposes restructured terms with its creditors.

Instead, the Defendants informed Arcapita that, pursuant to Xrcapita law, they were setting off the Placement Proceeds against prepetition debt owed to them by Arcapita. While a company is allowed to continue operations during the Chapter 11 process, certain decisions or powers controlled by the bankruptcy court including the sale of assets, payment of vendors, and changes to business operations.

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We appreciate the strong support that we received from our stakeholders and look forward to delivering future value to investors. Those terms might include the size and timing of repayments. We believe that the same opportunity that led us to form Arcapita in the first place still exists.