Arcapita Bank BSC, an Islamic- compliant fund manager overseeing about $7 billion in investments, won permission to use cash within a budget and pay employees in bankruptcy.
U.S. Bankruptcy Judge Sean Lane in Manhattan approved Arcapita’s requests on an interim basis to avoid “irreparable harm” to the company. Euroville Sarl, one of Arcapita’s largest creditors with $88.8 million of a $1.1 billion syndicated loan, objected that there wasn’t enough transparency about expenses………………………………………..Full Article: Source