KWELM Creditors Okay Accelerated Runoff Scheme
NU Online News Service, Feb. 5, 1:09 p.m. EST?KWELM insurance companies--the insolvent London-based liability insurer that did most of its business in the United States--said its creditors voted last week to approve an arrangement to wrap up the insurance run-off process nine years ahead of an earlier plan's projections.
The firm said that the overwhelming approval of the early closure program means creditors can receive the bulk of the $1.3 billion held for distribution far sooner than the scheme that was first set in place. Higher amounts of claims payments were also projected.
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