Troubled Bahraini bank Arcapita files reorganisation plan

Bahrain-based Arcapita Bank, the first Gulf company to file for bankruptcy in the United States under Chapter 11 rules, has submitted a plan to reorganise the company. The plan, filed with the court handling the chapter 11 case in New York, represents an effective way to implement a comprehensive restructuring and maximise recoveries to creditors and other stakeholders. It will be the subject of a hearing within 45 days and must then be approved by creditors.