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| Arcapita Chapter 11 $2.7 billion restructuring | |
| Financial advisers | Rothschild and Alvarez & Marsal (restructuring adviser) |
| return to the Deals of the Year 2013 index | |
Chapter 11 bankruptcy is never a cheering experience, but in Arcapita’s case it has created an important precedent for the Middle East, where – even after the crises of 2008 and 2009 – restructurings have been extensions of loans, largely because of undeveloped local bankruptcy laws.
“Chapter 11 was a challenging experience, but one that has enabled us to deliver a solution in the best interests of our investors, creditors and other stakeholders,” said Atif Abdulmalik, Arcapita’s chief executive, in a statement following the firm’s emergence from Chapter 11 reorganization proceedings in the US.
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