Arcapita Bank granted two-week extension of plan exclusive periods

By Jim Witters

Wilmington, Del., Jan. 16 - Arcapita Bank BSC received approval for a two-week extension of its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to an attorney involved in the case.

The U.S. Bankruptcy Court for the Southern District of New York approved the motion to extend the exclusive plan-filing period through Jan. 28 from Jan. 14 and the solicitation period through March 28 from March 14.

The bank said the proposed extension will increase the likelihood that it will be able to file a consensual reorganization plan.

Arcapita, a Manama, Bahrain-based investment bank, filed for bankruptcy on March 19, 2012. Its Chapter 11 case number is 12-11076.

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