Chadbourne & Parke commenced a case under Chapter 15 of the United States Bankruptcy Code for Chartis Excess Ltd., a subsidiary of AIG. Chartis Excess is requesting an order granting recognition to court proceedings before the High Court of Ireland and enforcing a scheme of arrangement sanctioned by the Irish High Court. The action is part of a larger reorganization of AIG and to prepare for upcoming changes to European insurance rules, which are designed to protect policyholders and prevent insurance companies from failing.
Under the scheme, Chartis Excess will be released from, and American International Reinsurance Company Ltd. will assume, the insurance and reinsurance business that Chartis Excess wrote through its Bermuda branch and the related liabilities. Chartis Excess’s remaining portfolio, which was written out of the company’s Irish head office and U.K. branch, will be transferred to AIG Europe Ltd., after which Chartis Excess intends to wind down through a liquidation.
The Chadbourne team is led by global chair of the bankruptcy and financial restructuring practice, Howard Seife, and New York-based counsel, Frank Vazquez.
Chadbourne & Parke’s bankruptcy and financial restructuring group has an impressive record of achieving successful outcomes for its clients in Chapter 11 and Chapter 15 cases, as well as corporate restructurings in the United States and abroad. Chadbourne is active in all areas of business restructurings and insolvencies, in matters ranging from the largest multinational mega-cases to significant regional businesses.
