(Bloomberg) — Tower Group International Ltd., the insurer that agreed to be bought by ACP Re Ltd. amid a stock plunge, hired Greenhill & Co. to provide advice on repaying debt if the takeover collapses.
Tower hired the bank as the Massachusetts Department of Insurance demanded a preliminary operations plan by June 1, the Bermuda-based insurer said today in a regulatory filing.
"The plan must include detailed information describing the steps the company is taking to enable it to repay its convertible senior debt holders and continue operations as a going concern in the event its pending merger with ACP Re Ltd. does not occur," Tower said in the filing. The $150 million of 5% notes are due in September.
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