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A settlement agreement was reached between the Official Committee of Unsecured Creditors and the two affected cedents. In this case, Beazley and Porch. Both cedents agreed that they would support the bankruptcy and receive a share of funds held in Vesttoo Bay Limited, the debtor.
This is now the third settlement agreement to have been reached as a result of the recent mediation process that has been undergone, which has clearly delivered some benefits in terms of getting parties on-side with the proposed bankruptcy plan and proposal for a liquidation process for Vesttoo’s estate.
The mediation attempts, as we reported earlier in the week, appear to have succeeded, and a number settlements are now being said to be reached.
Vesttoo bay, a debtor vehicle, was the first to be settled by an agreement between the Official Committee of Unsecured Creditors and Clear Blue Insurance. The settlement included a bankruptcy plan as well as the funds that were held within the vehicle.
