Natural Gas Co. Wants Trustee For Arcapita Subsidiary

Law360, New York (March 11, 2013, 6:37 PM EDT) -- Tide Natural Gas Storage I LP, which paid $515 million for natural gas assets from a subsidiary of  Bahrain's bankrupt Arcapita Bank BSC, asked a New York bankruptcy court Monday to appoint a trustee of the subsidiary's bankruptcy because of conflicts of interest.

Tide asked to convert Arcapita subsidiary Falcon Gas Storage Co. Inc.'s bankruptcy from Chapter 11 to Chapter 7 and for the court to appoint a trustee because Arcapita reorganization's plan will give the Bahraini bank and its creditors too much power to strip Falcon's assets to the detriment of Tide, which is embroiled in litigation with Falcon over...

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