Arcapita Seeks $175M Bankruptcy Loan From Goldman Sachs
By Stewart Bishop
Law360, New York (May 28, 2013, 7:08 PM ET) -- Arcapita Bank BSC on Monday asked a New York bankruptcy court to allow Goldman Sachs Group Inc. to provide the Bahraini bank with a $175 million bankruptcy loan to pay off a debtor-in-possession financing agreement with Fortress Investment Group LLC and provide Arcapita with much-needed liquidity.
The bank is seeking to enter into a nonpriming secured murabaha financing transaction, which will allow it to pay off existing post-bankruptcy secured indebtedness and wrap up the Chapter 11 proceeding.
A murabaha is a facility that complies with Sharia,...