Case timeline

1. Sep 172013
   Plan: Main Arcapita plan goes effective after contested confirmation

   The court confirmed Arcapita's Second Amended Joint Plan for all debtors other than Falcon Gas Storage Company on June 17, 2013, and the plan went effective on September 17, 2013. The confirmation order found that impaired accepting classes included SCB claims, syndicated facility and Arcsukuk claims, general unsecured claims at Arcapita Bank and AIHL, convenience claims, certain intercompany claims, and subordinated claims; Class 10(a) was deemed to reject, but the court confirmed through cramdown after finding no unfair discrimination and fair-and-equitable treatment source filing source filing.

   The confirmed plan funded distributions through available cash, an exit facility, Sukuk obligations, new Arcapita shares, creditor warrants, shareholder warrants, and new holding companies. It also locked in the SCB Plan Settlement, HQ Settlement, Senior Management Global Settlement, and broader allocations of portfolio-exit value and intercompany balances. Administrative-expense, professional-fee, and rejection-damages claims were due October 17, 2013, giving creditors a concrete post-effective-date bar date source filing source filing.

   Sources and provenanceSeptember 17, 2013