MANAMA, Bahrain--(BUSINESS WIRE)--Arcapita, the international investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States. Under the terms of the reorganization, “New” Arcapita (legally referred to as AIM Group Limited) led by the existing management team will continue to manage the Arcapita investment portfolio on behalf of investors and creditors, with the objective of maximizing exit values across the portfolio. RA Holding Corp. (“RA”), a new entity owned by the creditors, will realize the value of Arcapita’s interests in its investment portfolio.
Atif A. Abdulmalik, Chief Executive Officer, said, “Chapter 11 was a challenging experience, but one which has enabled us to deliver a solution in the best interests of our investors, creditors, and other stakeholders. Under New Arcapita, we will be able both to assist RA and investors to maximize the value of the existing investment portfolio and to undertake new investment opportunities.”
Abdulaziz H. AlJomaih, the Vice Chairman of the board of directors of Arcapita, added, “Chapter 11 provided a comprehensive and transparent framework to restructure the business. We appreciate the strong support that we received from our stakeholders and look forward to delivering future value to investors.”
Marc J. Glogoff, Head of the Credit Restructuring and Advisory Group, Americas at Barclays and Chairman of the Official Committee of Unsecured Creditors said, “The Committee and I are pleased to have worked collaboratively with Arcapita to help the company emerge from Chapter 11. I am confident that the highly qualified RA board of directors selected by the Committee will maximize recoveries for all stakeholders.”
The reorganization became effective today. It also put in place a $350 million Goldman Sachs led financing facility that will be utilized to fund operating cash flow requirements of RA post-emergence and certain obligations in connection with the reorganization.
NOTES TO EDITORS
Headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapita’s four principal lines of business are private equity, real estate, infrastructure and venture capital. Further details on Arcapita can be found at www.arcapita.com.