I’m broken hearted, probably won’t sleep for weeks worrying about how many virgins await these assholes in bankruptcy court hell. Evidently physically and emotionally abusing and traumatizing children isn’t as profitable as Arcapita was told, I don’t reckon. First Islamic Bank, Arcapita, it doesn’t really matter what they name the company, crime just doesn’t pay. ACAS, next? According to the “chatter” in the court room last Thursday in Nashville, ACAS holds “Senior” debt of this boondoggle. (oops, I used that word, “chatter” again. They don’t like that word… lol..dangit, if they would quit chatting, there wouldn’t be so much “chatter” now would there!! Just saying… Sheila, think about it… think of all the times you’ve been out and about talking this crap…you just never know who is listening!)
The Smile Behind Small Smiles
Atif A. Abdulmalik
Arcapita’s Chapter 11 Petition
Arcapita Files for Bankruptcy Protection as Debt Talks Fail
By Arif Sharif and Tiffany Kary - Mar 19, 2012 10:48 AM CT Mon Mar 19 15:48:28 GMT 2012
Arcapita Bank BSC, the owner of Irish power utility Viridian Group Ltd., filed for bankruptcy in the U.S. after failing to reach an agreement with creditors on a $1.1 billion loan due this month.
Arcapita, formerly known as First Islamic Investment Bank, and five affiliates sought Chapter 11 protection today in U.S. Bankruptcy Court in Manhattan, listing more than $1 billion in both debts and assets. Arcapita’s board approved the process “to protect their business and assets and implement a comprehensive restructuring,” the Manama, Bahrain-based private-equity firm said in an e-mailed statement today.
The bankruptcy filing is a “logical step by the company to protect its foreign investments and from individual creditors going after the company’s assets in Europe, the U.S. and Asia,” Serge Lioutyi, a London-based distressed debt trader at Citigroup Global Markets Ltd. said in an e-mail today. It “will help the company focus on reaching a consensual agreement with creditors rather than worrying about individual claims.”
Arcapita is among companies in Bahrain that have sought protection to restructure liabilities after the global credit crisis cut their access to the debt market and as asset prices declined. Awal Bank BSC, a Bahrain-based wholesale bank, filed for Chapter 11 in October 2010, while Gulf Finance House BSC reached an agreement with a group of banks led by WestLB AG on a new two-year $100 million Islamic loan.
Failed Refinancing
The costs to insure Bahrain’s debt against default fell two basis
points to 365 today, according to credit default swap data from CMA, which is owned by CME Group Inc. and compiles prices quoted by dealers in the privately negotiated market.
