Bankrupt Arcapita Makes Push For $365M Subsidiary Sale

Law360, New York (July 18, 2013, 10:24 PM ET) -- Bankrupt Arcapita Bank BSC on Thursday asked a New York bankruptcy judge to allow its nondebtor subsidiary 3PD Inc. to enter into an agreement to sell itself to a logistics provider in a deal valued at $365 million. 

Arcapita, whose Chapter 11 bankruptcy plan was greenlighted in June, asked U.S. Bankruptcy Judge Sean H. Lane to approve the sale of Atlanta, Ga.-based logistics company 3PD to Greenwich, Conn.-based XPO Logistics. The deal, through which XPO will buy all remaining 3PD common stock for $365 million, had...
To view the full article, register now.