Scottish Re Group’s Restructuring Proceedings


Hogan Lovells is representing Scottish Re in the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (SALIC), and SALIC’s U.S. subsidiary, Scottish Holdings, Inc. (SHI).

Scottish Re Group Limited has commenced implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (“SALIC”), and SALIC’s U.S. subsidiary, Scottish Holdings, Inc. (“SHI”), on January 28, 2018.

The sale and restructuring plan is being implemented through the commencement by SALIC and SHI of U.S. Chapter 11 proceedings in the United States Bankruptcy Court of Delaware on January 28, 2018 (the “SALIC/SHI Chapter 11”).

In connection with the SALIC/SHI Chapter 11, Scottish Re announced that a stock purchase agreement (the “SPA”) has been executed between SALIC and SHI, on the one hand, and an investment fund advised by Hudson Structured Capital Management Ltd. (“Hudson Structured” or the “Buyer”), on the other. Upon closing of the SPA, Hudson Structured will own 100% of the stock of the reorganized SALIC. Hudson Structured executed certain documents associated with the SALIC/SHI Chapter 11 in order to act as plan sponsor of the SALIC/SHI Chapter 11.

Scottish Re is a global life reinsurance specialist with operating businesses in the United States of America, Ireland, Bermuda, and the Cayman Islands. Its primary subsidiaries include Scottish Re (U.S.), Inc., Scottish Re (Dublin) dac, and Scottish Annuity & Life Insurance Company (Cayman) Ltd.

The Hogan Lovells team is led by Business Restructuring and Insolvency practice partner Peter Ivanick (Picture), and also includes Lynn Holbert, John Beck, and Sean Feener.

Involved fees earner: Peter Ivanick – Hogan Lovells; Lynn Holbert – Hogan Lovells; John Beckman – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Scottish Re Group Limited;

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Author: Ambrogio Visconti