Goldman Sachs Loan Leads Bahrain’s Arcapita Out of Chapter 11 - Bloomberg:
"Arcapita Bank BSC, the Bahrain-based investment house that filed for Chapter 11 in the U.S. last year, exited bankruptcy after receiving a $350 million loan from Goldman Sachs International.
Under the terms of the restructuring deal, a new entity named RA Holding Corp., owned by the creditors, will realize the value of Arcapita’s investment portfolio, the bank said in a statement on its website. The Goldman Sachs-led loan will fund cash flow requirements of the new entity and pay obligations connected to the restructuring, it said.
Companies including Kuwait’s Global Investment House KSCC, Dubai World Corp. and Dubai-based Nakheel PJSC were forced to restructure billions of dollars of debt after lending evaporated and asset values plummeted during the global credit crisis. Arcapita filed for bankruptcy in March 2012 after negotiations with creditors over a $1.1 billion syndicated loan failed."
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