{"id":9091,"date":"2012-03-19T15:21:42","date_gmt":"2012-03-19T13:21:42","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-bahrains-arcapita-files-for-u-s-bankruptcy-protection\/"},"modified":"2012-03-19T15:21:42","modified_gmt":"2012-03-19T13:21:42","slug":"update-1-bahrains-arcapita-files-for-u-s-bankruptcy-protection","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-bahrains-arcapita-files-for-u-s-bankruptcy-protection\/","title":{"rendered":"UPDATE 1-Bahrain&#8217;s Arcapita files for U.S. bankruptcy protection"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Files for Chap. 11 ahead of $1.1 bln Mar. 28 maturity<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Blames hedge funds for failure of debt talks<\/p>\n<p><span><\/span><\/p>\n<p>* Aims to complete restructuring as soon as possible<\/p>\n<p><span><\/span><\/p>\n<p>* Still manages $7.4 bln of assets; no immediate sale plans<\/p>\n<p><span><\/span><\/p>\n<p>By David French and Dinesh Nair<\/p>\n<p><span><\/span><\/p>\n<p>DUBAI, March 19 (Reuters) &#8211; Bahrain investment house<br \/>\nArcapita has filed for Chapter 11 bankruptcy<br \/>\nprotection in the United States after it was unable to reach a<br \/>\n$1.1 billion debt deal with creditors, it said on Monday &#8211; a<br \/>\nfirst for an indebted Gulf-based entity.<\/p>\n<p><span><\/span><\/p>\n<p>Arcapita blamed non-bank creditors &#8211; hedge funds, in other<br \/>\nwords &#8211; for its inability to strike a deal on its proposal to<br \/>\ndelay repayments by three years.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The actions of certain non-bank creditors have precluded<br \/>\nArcapita from reaching such a consensual resolution before the<br \/>\nMarch 28 maturity date, jeopardizing Arcapita&#8217;s ability to<br \/>\nsatisfy its fiduciary duties to its stakeholders,&#8221; Chief<br \/>\nExecutive Atif Abdulmalik said in a statement.<\/p>\n<p><span><\/span><\/p>\n<p>The filing will allow for a &#8220;comprehensive restructuring<br \/>\nthat rationalizes Arcapita&#8217;s capital structure and maximizes<br \/>\nrecoveries to creditors and other stakeholders,&#8221; the firm said<br \/>\nin the statement.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Files for Chap. 11 ahead of $1.1 bln Mar. 28 maturity * Blames hedge funds for failure of debt talks * Aims to complete restructuring as soon as possible * Still manages $7.4 bln of assets; no immediate sale plans By David French and Dinesh Nair DUBAI, March 19 (Reuters) &#8211; Bahrain investment house [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9091"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9091\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}