Arcapita Bank Wins Permission to Manage Cash, Pay Wages

Arcapita Bank BSC was given permission to use cash within a budget and pay employees in bankruptcy.
U.S. Bankruptcy Judge Sean Lane in Manhattan certified Arcapita’s requests on an interim basis to escape “irreparable harm” being done to the company.
Arcapita was forced to search bankruptcy after hedge funds, including Euroville, derailed restructuring talks on its $1.1 billion loan due in March.

Arcapita Files for Bankruptcy Protection as Debt Talks Fail

Arcapita Bank BSC categorized for bankruptcy in the U.S. after failing to reach an agreement with creditors. The bank and five affiliates chased Chapter 11 protection in U.S. Bankruptcy Court in Manhattan, listing assets of $3.06 billion and liabilities of $2.55 billion.
Arcapita was unsuccessful in reaching an agreement with creditors on a $1.1 billion syndicated shari’ah complaint loan due this month.

Against Mega Banking and In Favour of Mutuality

When the Occupy Wall Street (OWS) movement in lower Manhattan’s Zuccotti Park gathered thousands of dollars in surplus donations, its decision-makers agreed upon a deliberate strategy of placing those sums with the customer owned Peoples Federal Credit Union (Peoples).
In doing so, OWS adjusted itself with the principles of Bank Transfer Day. This is a separate movement the objective of which is to create a shift in banking attitudes among the American people in favour of taking deposits out of banks ‘too big to fail’ and transferring them to credit unions and bank like cooperatives that are much smaller and community oriented.

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