Awal Bank BSC, a Bahrain lender owned by Saudi Arabian Saad Group, filed for Chapter 11 bankruptcy in New York almost 13 months after it sought court protection from U.S. creditors.
The bank listed assets of $50 million to $100 million and liabilities of more than $1 billion in a filing today in U.S. Bankruptcy Court in Manhattan.
Awal Bank was taken into administration by Bahrain’s central bank in July 2009 after defaulting on loans. U.S. lawyers for the bank said last year that under Bahrain law, Awal’s administrator had two years to decide if the bank should liquidate or be returned to management and shareholders.
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