05.10.2012 - Arcapita plan may lead to investments’ sale, lenders says
Arcapita Bank BSC, an Islamic- compliant fund manager, shouldn’t be allowed to extend control of its bankruptcy because it already has a plan that may lead to the sale of investments with a liquidation value of $1.4 billion, lenders said. A group of lenders owning $1.1 billion of Arcapita’s unsecured debt objected in court papers to the company’s bid to extend by 120 days its exclusive right to file a bankruptcy exit plan. The company has a “toggle” plan under which it will either reorganize or “conduct an orderly monetization” of assets, depending on whether Arcapita raises more money by the time it seeks to confirm a plan in 2013, the lenders said...............................................Full Article: Source
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