Reliance Debt Extended Again

The Wall Street Journal reported Friday, 11/10/00, that banks and regulators have agreed to 'forbear on the filing of any bankruptcy' against Reliance Group Holdings Inc. Bank debt of $237.5 million for the property-casualty insurer was to come due Friday, after extensions granted in March and August. No further deadline was imposed for the repayment. Another $291.5 million is due bondholders next week. Stephen Johnson, a deputy insurance commissioner of Pennsylvania, said that 'intense negotiations' are continuing, with the goal of coming up with a restructuring plan for the company. Pennsyl...