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According to Reuters, Arcapita will transfer its assets to a new holding company which will dispose of its investments over time, in an attempt to avoid a firesale liquidation.
The company’s unsecured creditors will receive the equity in the new holding company as well as their pro rata share in a sharia-compliant loan. General unsecured creditors are expected to receive around 7.7 percent of the $1.9 billion they are owed, according to court documents.
The largest unsecured creditor is the Central Bank of Bahrain, which was owed $255.1 million.
The company provided alternative investment opportunities for rich families, institutions and sovereign wealth funds in the Gulf region, but sought bankruptcy last year as a $1.1 billion loan came due.
The fund’s investment were sharia-compliant, as is the $350 million loan that Arcapita arranged to fund its wind-down operations after its exits bankruptcy.
Sharia prohibits borrowing money with interest. Instead, the so-called murabahah structure effectively treats the arrangement as a sale, incorporating a profit margin and fees instead of interest.
Arcapita filed for bankruptcy protection in March 2012 with about $7.4 billion in assets under management.
The move was unprecedented in a region where most debt workouts have involved consensual talks that ended in long maturity extensions
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