Tower Group International Ltd. CEO Michael H. Lee says the financially troubled insurer will meet its obligations − including a $70 million debt payment in May − despite its Nov. 14 disclosure that it has “substantial doubt about the company’s ability to continue as a going concern" and that previously filed audited financial statements “should no longer be relied upon."Lee issued the reassurances in a Nov. 15 letter to business partners that the insurer was bound by accounting rules to issue the Nov. 14 press release indicating its doubtful status. He s...
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