Scottish Re eyes exclusivity extension, in talks regarding stock deal

By Caroline Salls

Pittsburgh, Jan. 23 – Scottish Holdings Inc. requested a 120-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company asked the court to extend its exclusive plan-filing period through May 23 from Jan. 23 and the solicitation period through July 24 from March 26.

Although its plan was confirmed on Aug. 27, Scottish Holdings said the effectiveness of the plan remains subject to obtaining approvals from the Delaware Department of Insurance and other regulatory approvals.

Scottish Holdings said it is seeking an extension of the exclusive periods to accommodate discussions and a closing date under its stock purchase agreement or, if the stock purchase agreement does not close, to give it enough time to pursue a new or amended plan.

A hearing is scheduled for Feb. 26.

Scottish Re Group Ltd. is a Hamilton, Bermuda-based life reinsurance company. Its Cayman Islands and U.S. subsidiaries filed bankruptcy on Jan. 28, 2018 under Chapter 11 case number 18-10160.

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