Arcapita's $95M Standard Chartered Deal Clears Ch. 11 Snag

Law360, New York (June 07, 2013, 7:00 PM ET) -- Arcapita Bank BSC on Friday reached an agreement to pay $94.6 million of the $96.6 million in claims Standard Chartered Bank has lobbed against the Bahraini bank, resolving the last significant roadblock to a smooth Chapter 11 plan confirmation.

Standard Chartered, which issued $100 million in Sharia-compliant financing known as “murabaha” in 2011 to Arcapita, was the only secured creditor with claims against four of Arcapita’s bankrupt affiliates. As of Arcapita’s bankruptcy filing in March 2012, the outstanding amount of that financing was $96.6 million....
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