20 Mar 2012
(MENAFN) Bahrain’s Arcapita has filed for bankruptcy protection following a failure in USD1.1 billion debt repayment negotiations with creditors, Reuters reported.
CEO Atif Abdulmalik said that blamed non-bank creditors for the failure in debt talks over its proposal to delay repayments by three years.
The Arcapita debt maturity has been regarded as one of the most challenging obligations facing the region in 2012.
US hedge fund Davidson Kempner Capital Management was part of the creditor committee for the debt restructuring.
The other four members of the creditor committee included Barclays, CIMB, Standard Bank and Royal Bank of Scotland, sources told Reuters last week.
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