Arcapita Bank seeks extension of exclusive periods as creditors talk

By Jim Witters

Wilmington, Del., Jan. 25 - Arcapita Bank BSC is seeking a 10-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to documents filed Jan. 25 with the U.S. Bankruptcy Court for the Southern District of New York.

It is the debtors' seventh request for an extension.

Arcapita says it needs the additional time to allow negotiations to continue among its creditors "with respect to various inter-creditor issues" that could lead to a fully consensual plan.

If the request is granted, the exclusive period for filing a Chapter 11 plan would be extended through Feb. 8 from Jan. 28. The exclusive period for soliciting plan votes would be extended through April 8 from March 28.

No hearing has been scheduled to consider the request.

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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