(MENAFN) Falcon Gas Storage Company, a unit of Bahrain investment firm Arcapita has filed for bankruptcy protection in the United States, Arabian Business reported.
The firm also plans to file a motion for joint administration with its parent company for the ongoing Chapter 11 restructuring.
The move aims to address liabilities of its 2010 sale of NorTex Gas Storage Company.
Arcapita filed for Chapter 11 bankruptcy protection in the US in March. Its debt maturity was considered as one of the most challenging liabilities facing the region in 2012, given its poor cash position and the difficulty of selling assets to raise cash in a global market troubled by Europe's debt crisis.
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