The MIIX Group Inc. announced that it and its subsidiary, New Jersey State Medical Underwriters Inc., each filed a voluntary petition under Chapter 11 of Title 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware.
The companies continue to operate their businesses and manage their properties as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. To date, no creditors’ committee or trustee has been appointed in this case.
The Board of Directors has retained Traxi LLC, a special situation advisory firm, as a financial and restructuring consultant to assist the company with the Chapter 11 filing and related restructuring efforts. Perry Mandarino, a senior managing director at Traxi, was appointed chief restructuring officer leading the restructuring engagement.
As disclosed previously, the company has received one indication of interest from MDAdvantage Holdings Inc., to acquire certain assets of Underwriters and one additional possible offer. The company continues to negotiate with MDAdvantage Holdings Inc., the documentation relating to a possible sale of Underwriter’s assets, subject to the receipt of all necessary approvals and “higher or better offers” prior to closing.
The bankruptcy filing does not include MIIX Insurance Company, which on Sept. 28, 2004 was placed into rehabilitation by Order of the Superior Court of New Jersey. The Commissioner of the New Jersey Department of Banking and Insurance serves as Rehabilitator with exclusive control over the business and property of MIIX Insurance Co.
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