Scottish Re Group has commenced voluntary provisional winding up of its proceedings in Bermuda and filed for parallel winding up of proceedings in the Cayman Islands.
In connection with the Bermuda proceedings, on May 18, 2017, the Supreme Court of Bermuda granted an order appointing John McKenna of Finance & Risk Services Ltd., Bermuda and Eleanor Fisher of Kalo (Cayman) Limited of the Cayman Islands as Joint Provisional Liquidators of SRGL.
As such, Mr. McKenna and Ms. Fisher will work with SRGL’s current board and management to effectuate a restructuring plan for Scottish Re, which may involve the sale of SRGL’s immediate subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (“SALIC”). SRGL pro-actively filed these winding up petitions in an effort to facilitate the restructuring process and to maximize value to its stakeholders.
Keefe, Bruyette & Woods, Inc., a Stifel Company, has been retained to assist Scottish Re in the process of identifying an acquirer for SALIC.