SO MUCH FOR SHARIAH COMPLIANT INVESTMENTS:

11 Jun

Arcapita, which filed for Chapter 11 protection in March 2012, manages real estate, infrastructure, private equity and venture capital investments that are compliant with Islamic Sharia law is seeking the Manhattan court’s approval for its creditor-payment plan.
  Arcapita, a Bahrain investment firm is due in court Tuesday for a hearing on its plan, giving it time to exit investments then use sale proceeds to pay creditors. Arcapita, seeking to secure $350 million in exit financing from Goldman Sachs Group Inc. (GS), offered to replace Arcapita’s existing bankruptcy financing with a $175 million financing offer.
The company recently cleared a major hurdle to confirmation of its creditor-payment plan: it has resolved the objections of key creditor Standard Chartered Bank. Under a settlement, the lender’s claims would be paid in cash from the proceeds of the exit facility, in return for which it will accept the plan. 

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