(MENAFN) Bahrain-based Arcapita Inc, the first company to file for bankruptcy in the US under Chapter 11 rules intends to sell its assets, Gulf Daily News reported.
A disclosure statement said that Arcapita will wind down its operations and will not seek out new investors or investments, said the paper.
The company's portfolio of assets includes Bahrain Bay Development and Riffa Views in the kingdom, according to information available on the company's website.
Arcapita intends to make distributions to creditors when it exits investments, "which will occur in a manner, and at a time, that maximises returns," it said.
Members of Arcapita's management are to be retained to oversee the portfolio, "ensuring that the wind-down of debtors' assets occurs successfully and without interruption", according to the reorganization plan.
The plan will be heard within 45 days and must then be approved by creditors, then confirmed by the US court, Arcapita said.
Creditors are to be given equity in two new companies that hold all the assets of Arcapita and several related companies, the disclosure statement said.
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