Life Settlements Absolute Return gets replacement stalking horse bid

By Caroline Salls

Pittsburgh, Feb. 15 – Life Settlements Absolute Return I, LLC has replaced the stalking horse bidder for the sale of substantially all of its assets after the Settlement Group, Inc. submitted an offer that the company said “is significantly more beneficial to the debtors’ estates” than the original bid submitted by BPCP Life Settlement LLC, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Under Settlement Group’s stalking horse bid, it would pay $5.65 million for Life Settlements’ assets, the same purchase price as offered under the stalking horse agreement with BCPC.

The notice did not specify which aspects of the replacement bid were more beneficial than under the terms provided by BPCP.

A hearing on approval of the bid procedures is scheduled for Feb. 19.

Life Settlements is a Greenville, S.C.-based insurance company. The company filed bankruptcy on Dec. 29, 2017 under Chapter 11 case number 17-13030.

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