Arcapita Bank needs additional time to file its reorganization plan

By Lisa Kerner

Charlotte, N.C., June 12 - Arcapita Bank BSC requested an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to Nov. 14 from July 17 and its exclusive solicitation period to Jan. 14, 2013 from Sept. 17, the filing said.

In making the request, the debtors said they need additional time to prepare a plan due to the size and complexity of the cases and the fact that much of their business information is located worldwide, according to the filing.

A hearing is scheduled for June 26.

Arcapita, a Manama, Bahrain-based investment bank, filed for bankruptcy on March 19. The Chapter 11 case number is 12-11076.

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