Bahrain investment firm Arcapita files for bankruptcy protection
Bahrain investment house Arcapita became the first Gulf entity to file for Chapter 11 bankruptcy protection in the US, after it was threatened with legal action if it did not repay a hedge fund in full, three sources said.
Arclin, a closely held maker of resins and other construction-related materials, said on Monday it filed for bankruptcy protection in Canada and the United States and that it reached an agreement in principle to restructure its debt with some of its key lenders.