Bahrain-based Arcapita is aiming to build a new asset management firm with a debut local deal in the logistics, education or health care sector as the company recovers from the first chapter 11 bankruptcy process undertaken by a Gulf Arab entity, Reuters reported on Friday. The Islamic investment firm emerged from chapter 11 on Sept. 17 after seeking court protection in March 2012 under hedge fund pressure ahead of the repayment of a $1.1 billion Islamic loan. Under the court-approved restructuring plan, Arcapita is to be split into two entities: one will hold the existing company assets as they are sold down to pay creditors, while a second will be in charge of the process's management. The latter entity hopes to rebuild itself going forward, said Atif Abdulmalik, chief executive of Arcapita, aiming to raise $100 million of new equity from original Arcapita investors by January to help fund dealmaking.
