19 March 2012
Manama, Kingdom of Bahrain - 19 March 2012 - The Central Bank of Bahrain informed by Arcapita Bank BSC (the Bank) that discussions between the Bank and its creditors in respect of re-scheduling a syndicated Murabaha facility have not resulted in a consensual solution. The Central Bank of Bahrain supported those discussions and desires to see an outcome which best preserves the interests of the Bank and its creditors.
Manama, Kingdom of Bahrain - 19 March 2012 - The Central Bank of Bahrain informed by Arcapita Bank BSC (the Bank) that discussions between the Bank and its creditors in respect of re-scheduling a syndicated Murabaha facility have not resulted in a consensual solution. The Central Bank of Bahrain supported those discussions and desires to see an outcome which best preserves the interests of the Bank and its creditors.
Arcapita has therefore advised the CBB that after consideration of all alternatives open to it, the only viable option is to file for chapter 11 protection in the USA, supported by an application for provisional Liquidation in the Cayman islands.
The CBB has noted the Bank's decision and it shall continue to monitor developments.
Central Bank of Bahrain (CBB)
Contact: External Communications Unit
Tel: +973 17547357/17547360
E-mail: media@cbb.gov.bh
Website: www.cbb.gov.bh
© Press Release 2012
