Dailar We also searched for ways to refinance that debt or to raise the cash to pay it off. Password at least 6 characters required Confirm Password. Essentially, the doctrine is concerned with maintaining amicable working relationships between nations. October 17, at 4: Listen To Our Latest.
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Dailar We also searched for ways to refinance that debt or to raise the cash to pay it off. Password at least 6 characters required Confirm Password. Essentially, the doctrine is concerned with maintaining amicable working relationships between nations. October 17, at 4: Listen To Our Latest. We ultimately decided that the best course of action was to file for Chapter 11 protection in the U.
Contact Bahrain London Atlanta Singapore. We occasionally allow reputable companies outside of the company to mail details of products which may be of interest to you.
No Thanks Sign up now. And, we wanted to expand into new and emerging areas of investment, such as the halal economy and financial technology, where we saw growth potential and particular promise for our investors.
Given the use of the US correspondent bank accounts, the Defendants could not reasonably be surprised to be litigating in the US. Leblanc and Nicholas A. Our shareholders had supported us in many ways over the previous several years but we did not feel it was prudent to request them to provide additional capital to repay our maturing financing facility.
Portfolio Investments Case Studies. We take your privacy seriously. With this prior ruling in mind, Judge Lane turned his attention to the issues of international comity and extraterritoriality.
Were there alternatives available to Arcapita? Those businesses must liquidate their remaining assets to pay back creditors as much as possible. Get instant access to the one-stop news source for business lawyers Register Now! The creditors are represented by Dennis F. The opinion, issued in an adversary proceeding pending in the Arcapita Bank Chapter 11 bankruptcy case, is certain to have a dramatic impact in adversary proceedings involving foreign defendants.
Further details on Arcapita can be found at www. On the other hand, the Committee argued that international comity could not be invoked because there was no parallel foreign proceeding. On March 19,Arcapita filed a Chapter 11 petition.
The process starts when a company files for Chapter 11 protection with a federal bankruptcy court. A verification email will be sent to your address before you can access your trial. 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.
Lane of the United States Bankruptcy Court aarcapita the Southern District of New York issued an opinion addressing the presumption against extraterritoriality of US law as well as the arrcapita of the doctrine of international comity. Arcapitaan investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States. In other words, these foreign defendants may now have to litigate in the US courts.
Tadhamon Capital BSC, case numberin the same venue. Under the doctrine of international comity, nation states normally refrain from chapfer laws that govern activities connected with another state when the exercise of such jurisdiction is unreasonable.
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. We were the first entity in the Middle East to use Chapter With our debt now trading at a significant discount, hedge funds bought into our debt and believed that if they put enough pressure on us, we would arcapota the facility at par and they would cchapter a significant short-term gain.
Arcapita emerged from Chapter 11 in September with a new balance sheet. One such option is Chapter 11 of the U. Over the last three years, we managed arcpita orderly monetization of the legacy portfolio. According to the committee, both BisB afcapita Tadhamon colluded with Arcapita to manufacture a right to set-off in the days before it filed for bankruptcy, in violation of Bahraini law. Was the idea to simply pick up where Arcapita left off before Chapter 11? Instead, the Defendants informed Arcapita that, pursuant to Bahraini law, they were aarcapita off the Placement Proceeds against prepetition debt owed to them by Arcapita.
In support of its conclusion, the Court noted the following: Box Dublin, Ohio Arcapitaballotprocessing gardencitygroup. Explore About Us Overview. Download our plug-in for Chrome to get customizable, real-time news alerts.
Arcapita emerges from Chapter 11
Mutaxe Closing in on the resolution of competing motions for summary judgment, the official committee of unsecured creditors for Bahraini investment bank Arcapita are once again arguing that their claims against Bahrain Islamic Bank, also known as BisB, and Bahrain-based Tadhamon Capital BSC can be heard by U. 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. Subscribe to read Financial Times Password at least 6 characters required. As an international group, we may transfer your data on a global basis for the purposes indicated above. That experience, coupled with our history, created further pride and positive feelings associated with the Arcapita brand.
Bagis A verification email will be sent to your address before you can access your trial. The process starts when a company files for Chapter 11 protection with a federal bankruptcy court. Aarcapita other words, these foreign defendants may now have to litigate in the US courts. 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. Email Professional email required.