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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs. -
Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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Damages following the departures are estimated at $15mn, based on the fact that the transaction solutions team’s average monthly profit was $1.67mn between 2022 and 2023.
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The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
