Commenting on the filing, Arcapita chief executive Atif Abdulmalik said that attempts to negotiate a three-year loan extension before the 28 March 2012 maturity date was subverted by "certain non-bank creditors."
"The filings offer Arcapita the necessary protection it needs to complete productive negotiations with all parties," Abdulmalik added.
The filing will allow the bank to protect its $3.6bn in global assets that may have been targeted by hedge funds.
The three hedge-fund creditors named in the filing include Davidson Kempner, a member of the creditors’ co-ordination committee of lenders, which is owed $50m while other hedge-fund creditors are Fortelus, with $88.8m, and VR Global Partners with $75m, as reported by The Financial Times.
The bank will continue to manage $7.4bn of assets and remain involved in restructuring talks with a group of lenders led by the Royal Bank of Scotland.
Gibson Dunn & Crutcher and Linklaters served as legal advisors to Arcapita, and its financial advisor was Rothschild.
Arcapita, which has real estate assets in property markets of Bahrain and Dubai, has a net debt of about $2.4bn.
