Reuters – Bahrain investment house Arcapita became the first Gulf entity to file for Chapter 11 bankruptcy protection in the United States, after it was threatened with legal action if it did not repay a hedge fund in full, three sources told Reuters.
Fortelus Capital Management, which holds 6 percent of a $1.1 billion facility which matures on March 28 and is at the centre of the filing, had been pressing for the last month for a timely repayment, the sources confirmed, along with the three other funds involved, two of them said.
