Arcapita Defends Ch. 11 Extension Bid After Lenders Object

Law360, New York (October 4, 2012, 8:04 PM EDT) -- Arcapita Bank BSC(c) defended its request for more time to file a Chapter 11 plan Thursday, saying a group of lenders mischaracterized the case as less complex than it is and promoted the “irrational conclusion” that the debtor's plan is almost ready.

The Islamic bank filed a reply to the ad hoc group's objection to its second bid for an extension of the exclusivity periods for filing a reorganization plan and soliciting acceptances for it. The debtor and its bankrupt affiliates argue that the group of...
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