20 March 2012
MANAMA: Arcapita Bank, the Bahrain-based private-equity company that owns power supplier Viridian Group, filed for Chapter 11 bankruptcy protection in the US after differences with creditors on extending a $1.1 billion loan due this month. Arcapita's board approved the move "to protect their business and assets and implement a comprehensive restructuring," the Manama-based firm said in an e-mailed statement today.
The restructuring will aim to "rationalise Arcapita's capital structure and maximise recoveries to creditors and other stakeholders."
The bankruptcy petition was filed in a Manhattan federal court and listed Central Bank of Bahrain as the largest creditor, with a $255.1 million claim tied to a bank loan.
MANAMA: Arcapita Bank, the Bahrain-based private-equity company that owns power supplier Viridian Group, filed for Chapter 11 bankruptcy protection in the US after differences with creditors on extending a $1.1 billion loan due this month. Arcapita's board approved the move "to protect their business and assets and implement a comprehensive restructuring," the Manama-based firm said in an e-mailed statement today.
The restructuring will aim to "rationalise Arcapita's capital structure and maximise recoveries to creditors and other stakeholders."
The bankruptcy petition was filed in a Manhattan federal court and listed Central Bank of Bahrain as the largest creditor, with a $255.1 million claim tied to a bank loan.
© Times of Oman 2012
