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Islamic Finance Briefing - Categorized | Banking, Islamic Hedge Funds, Market Moves more

Arcapita bankruptcy was forced by hedge funds, lawyer says

Posted on 22 March 2012

David FriedmanArcapita Bank BSC, a manager of Islamic-compliant investments with $7 billion under management, was forced into bankruptcy by hedge funds that sought to be repaid in full, a lawyer for Arcapita said.
Restructuring talks on the company’s $1.1 billion loan due in March “were derailed when several hedge funds who bought that debt on the secondary market at a discount threatened an involuntary bankruptcy if they didn’t receive par” on their investments, attorney Michael Rosenthal told U.S. Bankruptcy Judge Sean Lane in Manhattan………………………………………..Full Article: Source

 
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