Arcapita Seeks Green Light On $150M DIP Package

Law360, New York (September 26, 2012, 3:33 PM EDT) -- Arcapita Bank BSC(c) asked a New York bankruptcy judge Wednesday to approve its request for a $150 million debtor-in-possession financing package from Silver Point Finance LLC, saying it's gone through its cash reserves and needs the money to fund its Chapter 11 exit.

The Bahraini investment bank asked U.S. Bankruptcy Judge Sean H. Lane to authorize it to enter into a post-petition commitment letter with Silver Point, its first such request in the case. Until now, Arcapita and its affiliated debtors have been operating in Chapter...
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