Fortress Says $350M Loan To Arcapita Beats Goldman's Offer
By Matt Chiappardi
Law360, New York (May 14, 2013, 9:45 PM ET) -- Fortress Investment Group LLC on Monday objected to a $350 million bankruptcy exit loan proposed for Arcapita Bank BSC by Goldman Sachs International, arguing the Bahraini bank had passed over Fortress' offer of similar financing for the same amount on better terms.
Fortress says it worked with Arcapita to craft an exit loan since 2012 and submitted a financing plan to the bank on April 29. But the investment firm got a jolt when Arcapita decided to go with a rival $350 million loan from Goldman...