Highlands Insurance Group,
Inc. (OTC Bulletin Board: HIGP) yesterday announced that the Company and five of
its non-insurance company subsidiaries have commenced Chapter 11 bankruptcy
proceedings in the United States Bankruptcy Court for the District of
Delaware. The Company and its debtor subsidiaries will be debtors in
possession and have filed a joint plan for the reorganization of their debts.
The joint plan will not become effective until it is approved by the
bankruptcy court. Under the plan as proposed, the assets of the debtors will
be transferred to a liquidating trust for t...
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