Bankrupt Arcapita Gets Initial OK For $175M Goldman Loan

Law360, New York (June 10, 2013, 5:35 PM EDT) -- Bahrain's Arcapita Bank BSC received interim approval Monday for a $175 million loan from Goldman Sachs Group Inc. and, separately, saw Tide Natural Gas Storage I LP withdraw its objection to the bank's Chapter 11 plan confirmation based on the plan's subordination of $120 million in claims.

At a hearing before U.S. Bankruptcy Judge Sean H. Lane just a day before the bank’s plan confirmation hearing, attorneys for Arcapita asked the judge to sign off on the Goldman loan, which will pay off the bank's previous...
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