Vector's plan to restructure nears end

Article Abstract:

Vector Intermediaries Inc., an insurance brokerage, intends to finish a restructuring within 30 days to attract more new investors, mollify key creditors and place the company in a stable financial standing. The company also announced better financial results in the second-quarter of 1998, with a loss of C$705,188 or 9 cents a share, as compared with over C$1 million or 17 cents a share of losses in the same period in 1997. An official says that after the end of the second quarter, or on June 30, 1998, one of the three insurers it is negotiating with gave the company an advanced medium-term loan of around C$2 million.

Comment:

Insurance brokerage intends to finish restructuring within 30 days that will attract more new investors, mollify key creditors

Insurance Agencies and Brokerages, Insurance Agents & Brokers, Insurance industry, Vector Intermediaries Inc.

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Confederation liquidators get final approvals

Article Abstract:

Confederation Life Insurance Co.'s liquidators have obtained final approvals to initiate the payments owed to creditors of the company's division, Confederation Treasury Services Ltd., through a settlement of C$740 million. KPMG Inc., the Canadian liquidator of Confederation Life, said that the approval signals the elimination of doubts that has surrounded the failed company since 1994. The settlement called for the payment of around C$370 million to the creditors' group that held derivatives and Eurobonds as well as the payment of similar amount to US liquidator.

Comment:

Liquidators have obtained final approvals to initiate payments owed to creditors of a company's division

Life insurance, Confederation Life Insurance Co.

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Canada Life lowers sights for IPO

Article Abstract:

Canada Life Assurance Co expects to sell 26 million shares in its initial public offering at a price range between $17 to $19.50 per share. The firm, which hopes to generate $507 million in its IPO, will authorize its underwriters to sell another $76 million worth of shares should the shares be oversubscribed. Canada Life will begin to market its shares to institutional investors in the US, Canada, the UK, Ireland and continental Europe.

Canada Life Assurance Co.

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