Goldman Bests Fortress In Arcapita Bank Loan Battle
Law360, New York (May 15, 2013, 6:56 PM EDT) -- Goldman Sachs International on Wednesday outbid Fortress Investment Group LLC to provide exit financing to Arcapita Bank BSC worth up to $350 million, money that will allow the Bahraini bank to meet outstanding obligations and work its way out of bankruptcy.
At a hearing before U.S. Bankruptcy Judge Sean H. Lane, who noted that the bank was in the unusual position of having two institutions fighting over which would be able to provide the financing, the competitors offered their final bids to the judge in written form. Following the hearing, Arcapita said Goldman Sachs came out victorious.
"Taking all relevant factors...
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