Bahrain-based Arcapita Bank, the first Gulf company to file for bankruptcy in the United States under Chapter 11 rules, said on Saturday it had submitted a plan to reorganise the company.
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The investment firm filed for bankruptcy in New York in March and was given court approval in November to take out a $125m sharia-compliant loan to provide funding while it restructured its debts.
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Arcapita's case is being closely watched in the Gulf, where companies have little recourse to orderly ways of dealing with insolvency.
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However, analysts have said few other bankrupt Gulf companies are likely to follow Arcapita in seeking Chapter 11 protection because they would need to prove strong links to the United States.
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Read more: http://www.arabianbusiness.com/bahrain-s-arcapita-plans-shake-up-after-us-filing-488806.html
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