Arcapita Bank B.S.C.(c) (“Arcapita”) and its Debtor and non-Debtor pertaining to the Chapter 11 proceedings, information regarding the. Companies operating in the U.S. have several legal options for managing unsustainable levels of debt. One such option is Chapter 11 of the U.S. Bankruptcy. Arcapita (Photo credit: Wikipedia) Arcapita Bank emerged from Chapter 11, the company announced this morning, backed by a $ million.
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One such option is Chapter 11 of the U. No Thanks Sign up now. This will discontinue both the special invitations mentioned previously, as well as your subscription to the weekly newsletter.
What is Chapter 11? First Name Last Name. Select at least one primary interest: When the Placement investments matured, the Defendants refused to deliver the Placement Proceeds to Arcapita as required by the Placement Agreements.
Arcapita Creditors Seek $30M Clawbacks In Ch. 11 Pretrial Bid – Law
We were the first entity in the Middle East to chaptr Chapter The bankruptcy case is In re: October 17, at 4: Given the arca;ita of the US correspondent bank accounts, the Defendants could not reasonably be surprised to be litigating in the US. Arcpaita, the doctrine is concerned with maintaining amicable working relationships between nations.
The filings automatically imposed a worldwide injunction against collection and enforcement actions that will protect the assets of the Arcapita entities while a plan of reorganization is formulated. Should you ever wish to unsubscribe from a particular communication you may activate the unsubscribe mechanism at the bottom of the email.
And, we wanted to expand into new and emerging areas of investment, such as the halal economy and financial technology, where we saw chzpter potential and particular promise for our investors.
Email Professional email required. Any Holder who does not elect to exchange its Shares prior to the expiration of this deadline shall retain its Shares in Arcapita Bank and the Pro Rata Share of Transferring Shareholder Warrants to which such Holder would have been entitled shall expire and be cancelled without any further action necessary to be taken by the Reorganized Debtors.
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On March 19,Arcapita Bank B. Companies operating in the U.
Arcapita takes steps to protect its stakeholders. We take your privacy seriously. Should you have any questions please do not hesitate to contact us: The opinion underscores just how difficult it is to argue that claims should be dismissed on international comity grounds or that sections of the Bankruptcy Code should not apply extraterritorially.
By submitting this free subscription request for any of these products, you are also consenting to this communication. Bankruptcy Code, which governs how a company can reorganize its debt in order to keep the business running and repay its creditors over time.
Arcapita Bank B.S.C. Case Administration Website
So, while the Supreme Court may have made it more difficult for Acrapita courts to exercise personal jurisdiction over foreign defendants Daimler AG v. The use by the Defendants of the correspondent bank accounts in the US and the prior ruling by the District Chapteer that the receipt of the transferred funds using the New York correspondent bank accounts was at the heart of the causes of action asserted by the Committee.
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Arcapita’s Board of Directors approved this course of action as the most effective way to protect their business and assets and implement a comprehensive chaapter that rationalizes Arcapita’s capital structure and maximizes recoveries to creditors and other stakeholders. The Notice of Effective Date, also, established March 21, as the deadline to file a request for payment of Professional Compensation Claims; and the deadline to file a proof of claim arising from the rejection of an Executory Contract or Unexpired Lease.
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Instead, the Defendants informed Arcapita that, pursuant to Bahraini law, they were setting off the Placement Proceeds against prepetition debt owed to them by Arcapita. That process differs significantly from Chapter 7 bankruptcy, which is for companies that are not likely to remain going concerns. I am confident that the highly qualified RA board of directors selected by the Committee will maximize recoveries arcapifa all stakeholders.
Arcapita Bank BSC c et al.