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Mon, Mar 19, 2012

Arcapita Bank Files For Bankruptcy

Former Cirrus Investor Seeking Protection From Creditors

Bahrain-based Arcapita Bank, which at one time owned the lion's share of Cirrus Design, has filed for Chapter 11 bankruptcy protection in a U.S. court.

The company had acquired a 58 percent stake in Cirrus in 2001 when it was Crescent Capital, the U.S. division of the First Islamic Investment Bank of Bahrain. It held its portion of the company until Cirrus was sold to CAIGA in 2011.

The Washington Post reports that Arcapita still holds interests in several companies in the U.S., such as women's apparel retailer J. Jill, and the transportable storage company PODS. It also owns the British rail company Freightliner. It lists Cirrus Design as a "Past Investment" with an exit date of June 2011.

In all, Arcapita manages about $7.4 billion in investments worldwide. The company said its subsidiaries will continue to operate normally as it works through its reorganization.

FMI: www.arcapita.com

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