Lifemark Is Still Working on Restructuring Deal with CarVal
Posted July 30, 2010 1:52PM PST

Luxembourg life settlements company Lifemark is still working on a restructuring deal with hedge fund CarVal Investors, representatives of the companies involved said today.

A restructuring of Lifemark is being considered, spokespeople for Minneapolis-based CarVal and KPMG, which is Lifemark's court-appointed provisional administrator, confirmed in emails to The Life Settlements Wire. Further due diligence is required by CarVal.

Last week, sources close to Lifemark, who declined to be named, had said CarVal had withdrawn a $60 million loan offer that was part of a restructuring proposal. At the time, a spokesman for KPMG declined to comment. Lifemark and CarVal representatives did not return requests for comment. Today, they said that statements that the restructuring had failed were incorrect.

More than £385 million ($604 million) has been invested in Lifemark, which has a $1.3 billion life settlements portfolio. The company has been under provisional administration at the request of Luxembourg financial regulators since November as it works on a restructuring plan.


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