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Scottish Re unit’s creditors look to delay plan, cite Hildene efforts
By Caroline Salls
Pittsburgh, May 15 – Scottish Holdings, Inc.’s official committee of unsecured creditors is asking the U.S. Bankruptcy Court for the District of Delaware to postpone the May 23 hearing on approval of the disclosure statement for the company’s Chapter 11 plan and stalking horse plan sponsorship transaction for two weeks, according to a motion filed Monday.
The committee is also seeking a two-week adjournment of the auction for qualified parties interested in serving as the sponsor and a two-week extension of the deadlines for submission of sponsorship bids and for objecting to the disclosure statement and plan transaction motions.
According to the motion, “the committee understands that potential bidders continue to engage in diligence regarding a potential alternative restructuring transaction that could generate a higher and better recovery for the creditors of the debtors’ estates, some of which have only recently entered the data room.”
Based on the level of interest to date and the timing of entrants to the process, the committee said the proposed extensions are warranted.
In addition, the committee said one of its members, Hildene, is performing due diligence to explore a potential structural enhancement or alternative to the stalking horse transaction. The creditor group said Hildene’s efforts have the committee’s support.
“Despite Hildene’s diligent efforts to date, the committee requires further time to evaluate and, if appropriate, submit or support an alternative restructuring transaction,” the motion said.
Scottish Re Group Ltd. is a Hamilton, Bermuda-based life reinsurance company. Its Cayman Islands and U.S. subsidiaries filed bankruptcy on Jan. 28 under Chapter 11 case number 18-10160.
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