Acceptance Insurance granted eight-month exclusivity extension

By Caroline Salls

Pittsburgh, June 21 - Acceptance Insurance Cos. Inc. obtained an eight-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Nebraska.

The company's exclusive plan filing period was extended to Feb. 9, 2007 from June 9 and the solicitation period to April 9, 2007from Aug. 9.

According to the motion, the extension is necessary to allow the company enough time to complete its liquidation of Acceptance Insurance Co. and a takings claim against the United States of America.

The takings claim is in litigation, and Acceptance said that if a trial is necessary, it is likely to be held in December 2006 or in the first quarter of 2007.

Acceptance, a Council Bluffs, Iowa-based insurance company, filed for bankruptcy on Jan. 7, 2005. Its Chapter 11 case number is 05-80059.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.