Bahrain investment house Arcapita has filed for bankruptcy protection in the United States after it was unable to reach a $1.1 billion debt repayment with creditors, it said on Monday.
Arcapita blamed non-bank creditors -- hedge funds, in other words -- for its inability to strike a deal on its proposal to delay repayments by three years.
“The actions of certain non-bank creditors have precluded Arcapita from reaching such a consensual resolution before the March 28th maturity date, jeopardizing Arcapita’s ability to satisfy its fiduciary duties to its stakeholders,” Chief Executive Atif Abdulmalik said in a statement.
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