On January 11, the Amending Schemes of Arrangement of OIC Run-Off Limited and London & Overseas Insurance Company Limited ("Orion and L&O") were granted recognition and a permanent injunction under Chapter 15 of the bankruptcy code. Subsequently, on January 14 the Amending Schemes became effective and the bar date was set for September 12, 2016.
The Schemes were previously approved by creditors at the meetings on December 11, 2014 and sanctioned by the High Court of Justice in the UK on October 29, 2015.
For additional information regarding the unique nature of this Scheme, please see KCIC's Risky Business blog. For additional information relating to the Companies, including the Amending Scheme documents, please see their website.
Please let us know if you have any questions regarding this notice.
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In addition to general notice, KCIC maintains client policy details to ensure timely identification of applicable coverage and to provide specific guidance as it relates to upcoming vote/bar dates. If you would like us to include your coverage in these reviews, please contact Nick Sochurek at (202) 772-3909 for more details.
Although KCIC actively monitors developments in the market, we cannot guarantee inclusion of all key updates as some are not readily available and/or made public.
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