Trenwick's LaSalle Re draws interest from potential buyers

New York, March 31 - LaSalle Re Ltd. has drawn the interest of potential buyers although so far there have been no firm offers, Trenwick Group Ltd. said in a filing Thursday with the Securities and Exchange Commission.

Trenwick Group's principal asset is its holding in LaSalle Re Holdings Ltd., which in turn has as its principal asset its subsidiary LaSalle Re Ltd.

Trenwick said there is also the possibility it will realize a return through a claim which its Trenwick (Barbados) Ltd. subsidiary has against Trenwick America Corp. Negotiations as to how this claims is structured are "ongoing."

If LaSalle Re is not sold, completion of the liquidation of Trenwick Group depends on the orderly run off of LaSalle Re Ltd., which is likely to take at least five years and could last more than 10 years unless an agreement can be reached with the creditors.

Trenwick filed for bankruptcy on Aug. 20, 2003.

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