ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, August 27, 1996 TAG: 9608270110
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
Attorneys for Lloyd's of London will ask a federal appeals court in Baltimore today to remove the last roadblock to a $4.7 billion restructuring plan for the 300-year-old British insurance market.
Lloyd's investors around the world face a Wednesday deadline for approving the plan, which will pump additional capital into Lloyd's to make up for the losses its insurance syndicates suffered on asbestos lawsuits, oil spills and other massive claims in the 1980s and early 1990s.
But a federal judge in Richmond ruled Friday that Lloyd's U.S. investors must be given more time to decide whether to join the plan and more information about the market's finances before deciding.
- Washington Post
LENGTH: Short : 24 linesby CNB