Bankruptcy Judge Sean Lane yesterday approved an extension for Arcapita Bank BSC, an Islamic-compliant fund manager, to file its reorganization plan with the court, Bloomberg News reported today. The company has until Dec. 14 to file a plan and until Feb. 12 to win creditors’ support. A group of lenders owning $1.1 billion of Arcapita’s unsecured debt had objected to the extension in court papers, saying that the company already has a plan that may lead to sales of investments with a liquidation value of $1.4 billion.
