Bahrain-based Arcapita Bank gained court approval yesterday for a $125 million bankruptcy loan from Fortress Investment Group, believed to be the first such loan consistent with sharia, Islamic law, Reuters reported yesterday. The loan approved by Bankruptcy Judge Sean Lane will fund Arcapita as it tries to restructure debt after filing for bankruptcy in March. Yesterday's hearing was delayed two hours as Arcapita, its creditors and Fortress negotiated over the price of the deal, Dennis Dunne, a lawyer for Arcapita's creditors' committee, told the judge. The loan was originally set at $100 million, but Dunne said the committee pushed to raise it.
