A unit of Bahrain investment house Arcapita has filed for bankruptcy protection in the United States, the company said in a statement.
Falcon Gas Storage Company, a non-operating subsidiary of Arcapita, also intends to file a motion for joint administration with its parent company for the ongoing Chapter 11 restructuring, it said in the statement late on Monday.
In March, Arcapita became the first Gulf entity to file for Chapter 11 bankruptcy protection in the U. S. after it was threatened with legal action if it did not repay a hedge fund in full.
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