A Manhattan federal appeals court extended an order Monday blocking billionaire financier Carl Icahn from proceeding with his $40 million tender offer. Earlier this month, Reliance received a temporary restraining order, which would have expired Wednesday.
The company opposed Icahn’s offer because it is intended to block a bankruptcy restructuring. A court hearing is scheduled for next Tuesday. Also, Reliance had planned to announce a reorganization plan by Wednesday and remains in discussions with state insurance regulators.
Was this article valuable?
Here are more articles you may enjoy.
Parkland Shooting Wasn’t Multiple Incidents With Multiple Deductibles, Court Says 
Catastrophe Bonds Absorb ‘Black Swan’ Event Dealt by Melissa 
Fire Destroys Miami Heat Coach’s $6.5M Home in Coral Gables 
Authorities in Miami Investigating Death of Passenger on Cruise Ship 
