New Delaware Chapter 11 Filing – Scottish Holdings, Inc.
Scottish Holdings, Inc., Charlotte, NC based reinsurance company, has, along with a single affiliate, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10160). Scottish’s Petition estimates its assets and liabilities to both be between $1–$10 billion. Scottish’s parent (a non-debtor entity), Scottish Re Group Limited, has commenced voluntary winding up procedures in the Cayman Islands and Bermuda. According to the First Day Declaration, Scottish ceased writing new business in 2008, and has filed for Chapter 11 in order to address a debt overhang. Scottish enters Chapter 11 intending to sell substantially all of its assets under Section 363 with HSCM Bermuda Fund Ltd., an investment fund advised by Hudson Structured Capital Management Ltd., serving as the Stalking Horse.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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