Amwest Insurance Group Inc. announced that it has commenced Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Central District of California.
The company will be a debtor in possession, and in due course will file with the Bankruptcy Court a plan for the reorganization of its debts.
The bankruptcy filing arose as a result of the June 8, 2001, takeover by the Director of Insurance of the State of Nebraska of the company’s principal operating subsidiary, Amwest Surety Insurance Company. Amwest Surety Insurance Company has been placed in liquidation by the Nebraska Director of Insurance.
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