Law360, New York (June 11, 2013, 4:11 PM EDT) -- Arcapita Bank BSC on Tuesday secured a New York bankruptcy judge's approval of Chapter 11 reorganization plan, allowing it to exit bankruptcy, pay off its creditors and turn over its assets to a new entity that will manage and dispose of them over time.
Sixteen months after it entered bankruptcy, the Bahraini investment bank sailed through a confirmation hearing before U.S. Bankruptcy Judge Sean H. Lane with substantial support from creditors and shareholders.
Judge Lane said he was happy to approve what he described as a "fascinating" case, which has required those involved to coordinate U.S. bankruptcy law with Islamic law....
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