Insurance Auto Auctions receives default notice on 11% senior notes for delayed 10-Q filing

By Caroline Salls

Pittsburgh, Dec. 1 - Insurance Auto Auctions, Inc. received a notice of default from Wells Fargo Bank, NA on its $150 million of 11% senior notes due 2013 for failure to file its 10-Q report for the period ended Sept. 24, according to an 8-K filing with the Securities and Exchange Commission.

Under the notes indenture, the company has 60 days to cure the default before the notes can be accelerated.

Insurance Auto is a Westchester, Ill., provider of automotive total loss and specialty salvage services.

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