Goldman Sachs Group Inc., which is already providing Arcapita Bank $350 million in bankruptcy exit financing, is now seeking to give the Bahrain investment firm a $175 million bankruptcy loan that would pay off existing lender Fortress Investment Group LLC, Dow Jones Newswires reported yesterday. Arcapita said in a court filing yesterday that the Goldman loan would pay off the $105 million still owed to Fortress and later convert into the $350 million exit loan that Goldman is already providing. With Arcapita obliged to pay off the Fortress loan by June 14, the company said that it needs the Goldman loan approved at a hearing on June 10, the day before the company plans to ask a judge to confirm its plan to sell off its assets in order to pay back creditors.
