Bahrain's Arcapita Bank Files For Bankruptcy

Law360, New York (March 19, 2012, 5:49 PM EDT) -- Bahraini investment bank Arcapita Bank BSC filed for Chapter 11 bankruptcy protection in New York on Monday, saying that the euro crisis had complicated its efforts to refinance $1.1 billion in debt.

The bank said it had $3.06 billion in assets and $2.55 billion in liabilities. Most of its liabilities — $1.1 billion worth — are tied up in a syndicated financing facility that conforms with Islamic law, known as a murabaha, and that was set to mature on March 28, the bank said.

But the...
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